• The IRDAI imposed a ₹2 crore penalty on Bajaj Finance Limited due to regulatory violations related to:
1) Reconciliation of commission and professional fees received - Discrepancies were found in the reporting of these financial transactions.
2) Maintenance of customer documentation records - Inadequate documentation and compliance with IRDAI regulations.
• The penalty was imposed under the IRDAI (Registration of Corporate Agents) Regulations, 2015, which governs how corporate agents must maintain transparency and accuracy in financial dealings and customer records.
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