BANKING & FINANCE
RBI
RBI Penalizes Mahindra & Mahindra Financial Services for Compliance Lapses
The Reserve Bank of India (RBI) has slapped a monetary penalty of ₹11.50 lakh on Mahindra & Mahindra Financial Services Ltd (MMFSL).
The action was taken due to non-compliance with the 'Fair Practices Code' and guidelines regarding 'Internal Ombudsman for Regulated Entities'.
Regulatory oversight revealed that the NBFC failed to adhere to specific procedural standards meant to protect consumer interests.
Perspective: Such penalties underscore the central bank's commitment to ensuring ethical conduct and consumer protection within the non-banking financial sector.
The action was taken due to non-compliance with the 'Fair Practices Code' and guidelines regarding 'Internal Ombudsman for Regulated Entities'.
Regulatory oversight revealed that the NBFC failed to adhere to specific procedural standards meant to protect consumer interests.
Perspective: Such penalties underscore the central bank's commitment to ensuring ethical conduct and consumer protection within the non-banking financial sector.
Key Facts / Static GK
RBI Governor: Shaktikanta Das
NBFC Stands for: Non-Banking Financial Company
RBI Headquarters: Mumbai
NBFC Stands for: Non-Banking Financial Company
RBI Headquarters: Mumbai
Practice Quiz — 2 March 2026
Q1. Who has been appointed as the interim head to manage the daily operations of Fino Payments Bank following the arrest of its CEO?
Answer: (B) Ketan Merchant — Ketan Merchant, who serves as the Chief Financial Officer (CFO), has been appointed as the interim head of Fino Payments Bank after the arrest of MD & CEO Rishi Gupta.
Q2. Which South Korean filmmaker has been appointed as the President of the Main Competition Jury for the 79th Cannes Film Festival?
Answer: (B) Park Chan-wook — Park Chan-wook is the first South Korean filmmaker to be selected to lead the main jury at the Cannes Film Festival.
Q3. Regarding the recently inaugurated semiconductor ATMP facility in Gujarat, which of the following statements is correct?
Answer: (C) It is the first proposal approved under the India Semiconductor Mission. — The Sanand facility by Micron Technology is indeed the first proposal approved under the India Semiconductor Mission (ISM) with an investment of over ₹22,500 crore.
Q4. Which authority launched the 'Government Bank Dashboard' and 'Government Bank Manual' to improve governance in handling government funds?
Answer: (C) Controller General of Accounts (CGA) — T.C.A. Kalyani, the Controller General of Accounts (CGA), launched these two initiatives to standardize banking procedures for government business.
Q5. From which country were the nine cheetahs recently brought to Kuno National Park in March 2026?
Answer: (C) Botswana — As per the announcement by Union Minister Bhupender Yadav, nine cheetahs were brought specifically from Botswana to Kuno National Park.
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