RBI Slaps ₹7.70 Lakh Penalty on Repco Home Finance, 2 NBFCs for Compliance Lapses
Moneylife Digital Team 15 June 2026
Reserve Bank of India (RBI) has imposed a total penalty of ₹7.70 lakh on two non-banking financial companies (NBFCs) and one housing finance company (HFC) for failing to comply with regulatory directions issued by the banking regulator.
 
The penalised NBFCs are Karnataka-based IIFL Samasta Finance Ltd and Haryana-based True Credits Pvt Ltd. RBI has also levied a penalty on Chennai-based Repco Home Finance Ltd, an HFC, for regulatory non-compliance.
 
IIFL Samasta Finance has been penalised ₹3.90 lakh by RBI for non-compliance with certain provisions of the know-your-customer (KYC) directions and the fraud risk management directions applicable to NBFCs.
 
RBI's statutory inspection found that IIFL Samasta Finance had not implemented a robust software system for the effective identification and reporting of suspicious transactions. The inspection also revealed that the NBFC failed to disclose accurate details of fraud cases reported during FY24-25 in the 'Notes to Accounts' section of its financial statements.
 
Haryana-based NBFC True Credits was fined ₹3.10 lakh for non-compliance with certain provisions of RBI's KYC directions. RBI found that the NBFC had failed to implement enhanced due diligence (EDD) measures for certain customers onboarded through non-face-to-face channels.
 
In the case of Repco Home Finance, RBI found that the HFC had failed to disclose its risk-grading methodology and the rationale for charging different interest rates to different categories of borrowers. These details were not provided in the loan application forms or the sanction letters issued to customers.
 
As a result, RBI penalised Repco Home Finance ₹70,000.
 
In all three cases, RBI clarified that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce on the validity of any transactions or agreements these entities entered into with their customers.
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