The Reserve Bank of India (RBI) has taken regulatory action against L&T Finance Limited by imposing a monetary penalty of Rs 2.50 crore (Rupees Two crore Fifty lakh only) on the company.
According to a press release issued by RBI, this action follows non-compliance with specific provisions of the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.The penalty has been levied by the RBI under the relevant sections of the Reserve Bank of India Act, 1934.