**Executive Summary**
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹4.00 lakh on Glowmore Finance Private Limited, Odisha, effective November 13, 2025, due to non-compliance with certain provisions of the ‘Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023'. The penalty was imposed based on powers conferred on RBI under specific clauses of the Reserve Bank of India Act, 1934. This action is based on deficiencies in regulatory compliance.
**Key Points / Main Content**
* **Monetary Penalty:**
* RBI imposed a penalty of ₹4.00 lakh on Glowmore Finance Private Limited, Odisha.
* **Reason for Penalty:**
* The penalty is for non-compliance with certain provisions of the ‘Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023'.
* **Legal Basis:**
* The penalty was imposed under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.
* **Specific Non-Compliance:**
* The company failed to obtain prior written permission from the RBI for effecting a change in management, resulting in a change of more than 30% of its directors (excluding independent directors).
* **Nature of Action:**
* The action is based on deficiencies in regulatory compliance.
* It is not intended to pronounce upon the validity of any transaction or agreement entered into by the company.
* The penalty is without prejudice to any other action that may be initiated by RBI against the company.
**Impact Analysis**
**Glowmore Finance Private Limited, Odisha**
* **Impact:** Monetary penalty imposed due to non-compliance.
* **Action Required:** Improve compliance with RBI's 'Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023', especially regarding changes in management and director appointments, and pay the fine of ₹4.00 lakh.
Key Entities Referenced
Reserve Bank of India (RBI): Imposed the monetary penalty and is the regulatory body involved.
Glowmore Finance Private Limited, Odisha: The entity on which the monetary penalty was imposed; location is included.
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023: The specific regulatory document that the company failed to comply with.
Reserve Bank of India Act, 1934: Law under which the penalty was imposed.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
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www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
November 20, 2025
RBI imposes monetary penalty on Glowmore Finance Private Limited, Odisha
The Reserve Bank of India (RBI) has, by an order dated November 13, 2025,
imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Glowmore
Finance Private Limited, Odisha (the company) for non-compliance with certain
provisions of the ‘Master Direction – Reserve Bank of India (Non-Banking Financial
Company – Scale Based Regulation) Directions, 2023’ issued by RBI. This penalty
has been imposed in exercise of powers conferred on RBI under clause (b) of sub-
section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of
the Reserve Bank of India Act, 1934.
The correspondence between RBI and the company relating to appointment of a
director in the company revealed non-compliance with RBI directions. Based on the
same, a notice was issued to the company advising it to show cause as to why
penalty should not be imposed on it for its failure to comply with the said directions.
After considering the company’s reply to the notice, oral submissions made during
the personal hearing and additional submissions made by it, RBI found, inter alia,
that the following charge against the company was sustained, warranting imposition
of monetary penalty:
The company had failed to obtain prior written permission of the RBI for effecting
change in management, resulting in change of more than 30 per cent of its directors,
excluding independent directors.
This action is based on deficiencies in regulatory compliance and is not intended
to pronounce upon the validity of any transaction or agreement entered into by the
company. Further, imposition of this monetary penalty is without prejudice to any
other action that may be initiated by RBI against the company.
(Brij Raj)
Press Release: 2025-2026/1539 Chief General Manager