RBI imposes penalty on Progfin, Shri Ram Finance Corporation for non-compliance

The Reserve Bank of India recently levied fines on two financial firms for regulatory failures. Shri Ram Finance Corporation was penalized Rs 8.10 lakh due to management transitions and a lack of proper risk classification for clients. Meanwhile, Progfin incurred a Rs 2.70 lakh fine for failing to conduct timely risk reviews. Both penalties highlight the significance of compliance with established regulations.