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The RBI, on Monday, said it has imposed a monetary penalty of ₹1 crore on Bajaj Finance for violation of Fair Practices Code applicable to non-banking finance companies (NBFCs) as outlined in its master directions for NBFCs. “This penalty has been imposed (by an order dated January 3) in exercise of powers vested in the RBI under the provisions ...of the RBI Act, 1934,” the central bank said in a statement. The RBI said 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 NBFC with its customers.
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