RBI imposes monetary penalty of Rs. 4.90 lakhs on Hinduja Leyland Finance Ltd

RBI, has on August 16, 2024, imposed a monetary penalty of Rs. 4.90 lakhs on Hinduja Leyland Finance Limited (HLFL), material subsidiary of Ashok Leyland Ltd in exercise of powers vested in RBI conferred under the provisions of clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934 for noncompliance with certain directions issued by RBI.

RBI had conducted statutory inspections on HLFL for the FY 2021-22 and imposed the monetary penalty in respect of the following charge emanating out of the supervisory findings: 'HLFL did not put into use a robust software to throw alerts when the transactions were inconsistent with risk categorization and updated profile of the customers, as part of effective identification and reporting of suspicious transactions.'

Shares of Ashok Leyland Limited was last trading in BSE at Rs. 255.80 as compared to the previous close of Rs. 246.45. The total number of shares traded during the day was 817309 in over 15575 trades.

The stock hit an intraday high of Rs. 256.80 and intraday low of 248.35. The net turnover during the day was Rs. 206843749.00.

Source : Equity Bulls

Keywords

AshokLeyland INE208A01029 HindujaLeylandFinance RBI MonetaryPenalty