RBI Imposes ₹3.1 Lakh Penalty on CreditAccess Grameen Over KYC Violations

The Reserve Bank of India (RBI) on Friday imposed a penalty of ₹3.10 lakh on CreditAccess Grameen Limited for violating certain Know Your Customer (KYC) norms.

RBI found that the company had not put in place a robust software system that could automatically flag transactions that were inconsistent with customers' risk profiles and updated records, a key requirement for identifying and reporting suspicious transactions.

The regulator clarified that the penalty relates only to shortcomings in regulatory compliance and does not affect the validity of any transaction or agreement entered into by the company with its customers.

It also said the penalty is without prejudice to any other action that may be initiated against the company.

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