RBI imposes ₹3.90 lakh penalty on IIFL Samasta Finance Limited

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.90 lakh on IIFL Samasta Finance Limited for non-compliance with key regulatory directions. The penalty, dated June 5, 2026, was levied under provisions of the RBI Act, 1934, following a statutory inspection of the company's financial position as of March 31, 2025.

According to the RBI, the company failed to implement robust software for identifying and reporting suspicious transactions, a critical requirement under the 'Know Your Customer (KYC) Directions.' Additionally, it did not disclose accurate details of frauds reported for the financial year 2024-25 in its financial statements.

The penalty follows a detailed supervisory process, including a notice issued to the company to explain its non-compliance. After reviewing the company's written response and oral submissions, the RBI concluded that the violations warranted monetary action.

The central bank clarified that the penalty addresses deficiencies in regulatory compliance and does not affect the validity of transactions or agreements between the company and its customers. It also noted that further actions, if necessary, could still be initiated.

This development underscores the RBI's focus on ensuring adherence to financial regulations, particularly in the non-banking financial company (NBFC) sector, which plays a significant role in India's financial ecosystem.

Source: Reserve Bank of India press release, Fri, 12 Jun 2026 17:35:00. http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=62922