IIFL Samasta Finance Limited is an NBFC providing consumer lending and financial services, and the enforcement action relates to KYC and fraud risk management compliance breaches, but the entity is not a payments institution, EMI, bank, or investment firm as defined in the enforcement taxonomy.
Low confidence — requires human review. While KYC and fraud reporting are payments-adjacent compliance areas, the enforcement action targets an NBFC's general financial services operations rather than specific payment service provision.
Specialism
The RBI imposed a monetary penalty of ₹3.90 lakh on IIFL Samasta Finance Limited for identified regulatory breaches, meeting the enforcement financial penalty criteria.
The penalty specifically relates to breaches of KYC Directions and fraud risk management procedures, with failures in suspicious transaction identification and fraud reporting being core AML/CTF compliance issues.
2026-06-15 09:03:44·pthandapani@vixio.com
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Press Releases - Reserve Bank of India
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TITLE: India's Reserve Bank Imposes Monetary Penalty on IIFL Samasta Finance Limited
BODY:
On June 12, 2026, the Reserve Bank of India (RBI) announced it had imposed a monetary penalty of ₹3.90 lakh on IIFL Samasta Finance Limited for non-compliance with regulatory directions. The RBI issued the penalty by order dated June 5, 2026, under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
The penalty relates to breaches of the Reserve Bank of India (Know Your Customer (KYC)) Directions and the Reserve Bank of India (Fraud Risk Management in Non-Banking Financial Companies (NBFCs)) Directions. The RBI identified these violations following a statutory inspection of IIFL Samasta Finance Limited conducted with reference to its financial position as of March 31, 2025. The RBI issued a notice requiring the company to show cause why a penalty should not be imposed. After considering the company's response and oral submissions during a personal hearing, the RBI sustained two specific charges: the company failed to implement robust software for effective identification and reporting of suspicious transactions, and it failed to disclose correct details of frauds reported for the financial year 2024-25 in its Financial Statement Notes to Accounts.
The RBI clarified that this action is based on deficiencies in regulatory compliance and does not pronounce upon the validity of any transaction or agreement entered into by the company with its customers. The penalty is imposed without prejudice to any other enforcement action the RBI may initiate against IIFL Samasta Finance Limited. This enforcement action underscores the RBI's continued focus on ensuring non-banking financial companies maintain robust compliance frameworks, particularly regarding customer due diligence and fraud risk management procedures.
Press Releases - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Press Releases ( 201 kb ) Date : Jun 12, 2026 RBI imposes monetary penalty on IIFL Samasta Finance Limited The Reserve Bank of India (RBI) has, by an order dated June 5, 2026, imposed a monetary penalty of ₹3.90 lakh (Rupees Three Lakh Ninety Thousand only) on IIFL Samasta Finance Limited (the company) for non-compliance with certain provisions of ‘Reserve Bank of India (Know Your Customer (KYC)) Directions’ and ‘Reserve Bank of India (Fraud Risk Management in NBFCs) Directions’. This penalty has been imposed in exercise of powers conferred on RBI under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934. The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions. After considering the company's reply to the notice and oral submissions made during the personal hearing, RBI found that the following charges against the company were sustained, warranting imposition of monetary penalty: The company failed to put in place a robust software for effective identification and reporting of suspicious transactions; and, The company failed to disclose correct details of frauds reported for the financial year 2024-25 in the Financial Statement - Notes to Accounts. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company. 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