This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers, RBI said.
Manappuram Finance failed to comply with the RBI’s directions on payment of surplus amounts realised by auctioning gold articles pledged by certain borrowers
Manappuram Finance fell close to 3 per cent in the morning trade on Friday after the RBI imposed a Rs 42.78 lakh fine on the NBFC for breach of norms and tightened norms for consumer loans.Manappuram Finance was fined for non-compliance of .
Manappuram Finance Shares Plunge After RBI Crackdown menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
The Reserve Bank of India (RBI) has levied a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on gold loan firm Manappuram Finance for non-compliance with specific directions of the banking sector regulator. This penalty is attributed to the violation of guidelines outlined by the RBI on various aspects, as detailed in the Reserve Bank of India (KYC) Directions, 2016.