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RBI imposes Rs 5 lakh penalty on Manappuram Finance

20 Nov 2020 Evaluate

Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on Manappuram Finance, Thrissur for non-compliance with directions on verification of ownership of gold jewellery.

RBI said statutory inspection of company with reference to its financial position as on March 31, 2019, revealed non-compliance with the directions issued by it. In this case, a notice was issued and after considering the company's reply, oral submissions and examination of additional submissions made by it, RBI concluded that the charge of non-compliance with directions was substantiated and warranted imposition of monetary penalty.

Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

Manappuram Finance Share Price

316.30 6.45 (2.08%)
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