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- RBI has imposed a penalty of Rs 3.1 lakh on Hero FinCorp Limited.
- RBI has imposed this penalty for non-compliance with certain provisions relating to Fair Practices Code.
- The penalty is based on deficiencies in regulatory compliance.
- The penalty isn’t meant to call into question the legality of any agreements or transactions the company has with its clients.
- RBI carried out statutory inspection of the company with reference to its financial position as on March 31, 2023.
- According to RBI, Hero FinCorp failed to provide borrowers with written loan terms and conditions in a vernacular language that they could understand.
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