The Reserve Bank of India has imposed a Rs 3.1 lakh penalty on IIFL Finance after a supervisory inspection found regulatory compliance failures. RBI said IIFL Finance did not pay certain borrowers the surplus proceeds from auctions of pledged gold items, over and above the loan outstanding. Separately, RBI fined Appnit Technologies Rs 5.8 lakh for KYC and prepaid payment instrument violations, including allowing Aadhaar OTP e-KYC based PPI accounts to run beyond one year without required identification. RBI cited these issues as compliance deficiencies.
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