RBI asks NBFCs to stick to loan cash payout limit of Rs 20,000

The Reserve Bank of India has instructed non-bank finance companies (NBFCs) to strictly enforce a 20,000 rupees ($240) cash loan limit to discourage cash transactions, citing Section 269SS of the Income Tax Act. The directive follows actions against IIFL Finance for violating loan disbursement and collection rules, prompting heightened regulatory scrutiny