Mumbai, Jan 23 (UNI) The Reserve Bank of India (RBI) has imposed a

monetary penalty of Rs 1 lakh on M/s Ramky Finance and Investment

(P) Limited

RBI has imposed the fine under 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 (the RBI Act, 1934) for the

failure to comply with the directions/orders issued by RBI from time

to time.

M/s Ramky Finance and Investment (P) Limited has changed its name to

M/s Ramky IWM Private Limited w.e.f March 31, 2016 without obtaining

prior approval of RBI and thereby violated para 5 of the circular

dated January 13, 2000 issued by RBI.

The company was issued a Show Cause Notice (SCN) on January 20, 2017

for the purpose of imposing penalty.

The company’s response to the SCN was duly considered and not found

to be satisfactory. The company was also accorded a personal hearing

by RBI under sub section (2) of section 58G of the RBI Act, 1934 on

August 16, 2017.

After considering the entire facts of the case and the company’s

reply, as also the submissions made during the personal hearing, RBI

came to the conclusion that the violation was substantiated, which

warranted imposition of monetary penalty on the company.

Accordingly, a penalty of Rs 1 lakh has been imposed on the company.

UNI JS NV1440