meta_id 3236850

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.