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2024: A pivotal year as RBI cracks down on financial sector non-compliance

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The year 2024 has marked a pivotal moment in India's financial sector, with the Reserve Bank of India (RBI) taking unprecedented steps to crack down on several financial entities. This marked the beginning of a major shift towards stricter compliance,
The Reserve Bank of India (RBI) has intensified its regulatory oversight in 2024, focusing on curbing non-compliance within the financial sector. This crackdown includes imposing hefty fines and restrictions on various financial institutions for issues ranging from mis-selling of financial products to lapses in corporate governance. The RBI's actions are part of a broader initiative to enhance transparency, protect consumer interests, and maintain the stability of the financial system. Notably, the central bank has targeted banks, non-banking financial companies (NBFCs), and fintech firms, signaling a zero-tolerance policy towards regulatory breaches. This stringent approach aims to foster a more disciplined and ethical financial environment, ensuring that entities adhere strictly to regulatory norms.

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[ https://www.cnbctv18.com/economy/rbi-cracks-down-on-financial-sector-non-compliance-in-2024-19529466.htm ]