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Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of Rs 2 crore on Bajaj Finance for the violation of regulatory norms, the Pune-based NBFC said in an exchange filing on July 16.
The non-banking financial company said the insurance regulator had conducted an onsite inspection of Bajaj Finance Limited between March 3, 2021 and March 5, 2021 for the period FY18 to FY20, the firm said in the filing.
On March 14, 2024, the NBFC received a show-cause notice from the regulator. Following the response from the NBFC, the insurance regulator issued an order dated July 15, 2024, levying a penalty in aggregate of Rs 2 crore for violation of provisions of IRDAI regulations, according to the company statement.
The NBFC reiterated its commitment to compliance and stated no material impact on its operations.
The regulator levied a penalty of Rs 1 crore for "reconciliation of commission and professional fees received and that reported to the authority in violations of norms" and another Rs 1 crore "with respect to maintenance of records of customer documentation in violations of various rules of IRDAI (Registration of Corporate Agents) Regulations, 2015.
In April, the country's largest non-banking lender reported a 21 percent growth in its consolidated profit after tax at Rs 3,825 crore in the fourth quarter of the financial year 2023-24 from Rs 3,158 crore in the year-ago period.
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