Manappuram Finance Limited Faces Rs 42.78 Lakh Penalty Imposed by RBI
After looking at reports and letters, the RBI found that the company didn't follow the RBI's instructions about giving back extra money to certain borrowers.
Manappuram Finance Limited Faces Rs 42.78 Lakh Penalty Imposed by RBI
Manappuram Finance Limited has been fined Rs 42.78 lakh by the Reserve Bank of India (RBI) for not following certain rules. The RBI checked the company's financial status as of March 31, 2022.
After looking at reports and letters, the RBI found that the company didn't follow the RBI's instructions about giving back extra money to certain borrowers. This extra money came from selling gold items that borrowers had pledged, and the failure to comply happened between April 01, 2021, and September 30, 2022.
As a result, the company received a notice instructing it to provide reasons why a penalty should not be applied for its failure to adhere to RBI directions.
After reviewing the company's response to the notice, along with additional submissions and verbal statements made during a personal hearing, the RBI determined that the company's non-compliance was validated, justifying the imposition of a monetary penalty.
Also Read: RBI Unveils "Statistical Handbook on Indian States for the Year 2022-23
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Krishna Gopal Varshney
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