SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

NBFC: DID NOT NOTIFY CHANGE IN PENAL INTEREST RATE TO BORROWERS, WHEN IT CHARGED PENAL INTEREST RATE HIGHER THAN WHAT WAS COMMUNICATED AT THE TIME OF SANCTION

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
1	L&T FINANCE LTD.		DID NOT GIVE NOTICE OF CHANGE IN TERMS AND CONDITIONS OF LOAN TO BORROWERS WHEN IT CHARGED ANNUALIZED RATE OF INTEREST HIGHER THAN WHAT COMMUNICATED AT THE TIME OF SANCTION DID NOT MAKE DISCLOSURE TO RETAIL BORROWERS, GRADATION OF RISK AND RATIONALE FOR CHARGING DIFFERENT INTEREST RATES TO DIFFERENT CATEGORIES OF BORROWERS IN LOAN APPLICATION FORM/SANCTION LETTER DID NOT NOTIFY CHANGE IN PENAL INTEREST RATE TO BORROWERS, WHEN IT CHARGED PENAL INTEREST RATE HIGHER THAN WHAT WAS COMMUNICATED AT THE TIME OF SANCTION	IMPOSED PENALTY RS.2,50,00,000 17-OCT-2023
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.