Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance

Mumbai, July 16, 2024 

Bajaj Finance said that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing 

The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on Bajaj Finance and Rs 1 crore on Aegon Life Insurance (now known as Bandhan Life), citing violations of norms.

The insurance regulator has fined Bajaj Finance Rs 1 crore concerning the reconciliation of commission and professional fees received and reported to the authority. An additional penalty of Rs 1 crore was imposed concerning the maintenance of records of customer documentation. Irdai has also issued additional directions to the company and advised it to comply with these directions in a time-bound manner.

Bajaj Finance added that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing.

Separately, Irdai, in its press release, said that it has imposed a penalty of Rs 1 crore on Aegon Life Insurance (now known as Bandhan Life) for violating certain provisions under the Anti-Money Laundering (AML) Master Circular, which shall be remitted within a period of 45 days from the date of the order.

[The Business Standard]