Reserve Bank of India has imposed a monetary penalty of Rs 3.10 lakh on Mintifi Finserve Private Limited for non-compliance with certain Know Your Customer (KYC) directions issued by the central bank.

The penalty was imposed through an order dated May 15, 2026, under provisions of the Reserve Bank of India Act, 1934.

According to RBI, the action follows a statutory inspection conducted with reference to the company’s financial position as of March 31, 2025. Based on supervisory findings and related correspondence, the central bank issued a show-cause notice to the company regarding regulatory non-compliance.

After reviewing the company’s written response and oral submissions made during the personal hearing, RBI found that the company had failed to upload KYC records of certain customers to the Central KYC Records Registry within the prescribed timeline.

RBI clarified that the penalty is based on deficiencies in regulatory compliance and does not affect the validity of any transactions or agreements entered into by the company with its customers. The central bank also stated that the action is without prejudice to any further measures that may be initiated against the company.