RBI fined Hero FinCorp INR 3.1 lakh for not providing loan terms in a borrower's understood language.
The Reserve Bank of India (RBI) fined Hero FinCorp Limited INR 3.1 lakh for breaching norms related to the fair practices code for NBFCs. An RBI inspection found that the company failed to convey loan terms and conditions in writing to borrowers in a language they understood. The penalty was imposed after considering the company's response and additional submissions made in a personal hearing.
May 24, 2024
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