The Reserve Bank of India (RBI), 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, has by an order dated June 5, 2026, imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on True Credits Private Limited for failing to undertake Enhanced Due Diligence (EDD) measures for certain customers onboarded through non-face-to-face modes required under the provisions of the 'Reserve Bank of India (Know Your Customer (KYC)) Directions' issued by RBI.

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https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=62923