On January 05, 2026, the Reserve Bank of India (RBI) announced it has imposed a monetary penalty of ₹10,000/- on Shaha Finlease Private Limited, Mumbai, for non-compliance with directions issued by RBI on 'Fair Practices Code'. The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934. Following an onsite scrutiny by RBI, a notice was issued to the company regarding non-compliance with RBI directions. After reviewing the company's response, RBI sustained the charge that the company failed to implement a system for periodical review of compliance with the 'Fair Practices Code'. This action is based on deficiencies in regulatory compliance and does not affect the validity of agreements with the company's customers. The press release number is 2025-2026/1853. Brij Raj, Chief General Manager, is the contact person. The RBI websites are www.rbi.org.in/hindi and www.rbi.org.in, and the email is helpdoc@rbi.org.in. The phone number is 022 - 2266 0502.
Key Entities Referenced
Reserve Bank of India Act, 1934: The law under which the penalty was imposed.
Reserve Bank of India (RBI): The regulator imposing the penalty.
Fair Practices Code: RBI's code with which Shaha Finlease Private Limited, Mumbai, failed to comply
Section 58G(1)(b): Section of the Reserve Bank of India Act, 1934, that confers powers on RBI
Section 58B(5)(aa): Section of the Reserve Bank of India Act, 1934, that confers powers on RBI
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
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
January 05, 2026
RBI imposes monetary penalty on Shaha Finlease Private Limited, Mumbai
The Reserve Bank of India (RBI) has, by an order dated January 02, 2026,
imposed a monetary penalty of ₹10,000/- (Rupees Ten Thousand only) on Shaha
Finlease Private Limited, Mumbai (the company), for non-compliance with certain
directions issued by RBI on ‘Fair Practices Code’. This penalty has been imposed in
exercise of powers conferred on RBI under Section 58G(1)(b) read with Section
58B(5)(aa) of the Reserve Bank of India Act, 1934.
The onsite scrutiny of the company was conducted by RBI. Based on supervisory
findings of non-compliance with RBI directions and related correspondence in that
regard, 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 RBI directions on
‘Fair Practices Code’. After considering the company’s reply to the notice, additional
submissions made by it and oral submissions made during the personal hearing, RBI
found, inter alia, that the following charge against the company was sustained,
warranting imposition of monetary penalty:
The company failed to put in place a system of periodical review of compliance of
the ‘Fair Practices Code’.
This action is based on deficiencies in regulatory compliance and is not intended
to pronounce upon the validity of any transaction or agreement entered by the
company with its customers. Further, imposition of monetary penalty is without
prejudice to any other action that may be initiated by RBI against the company.
(Brij Raj)
Press Release: 2025-2026/1853 Chief General Manager