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RBI imposes penalty on Muthoot Finance, Manappuram Finance
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SME Times News Bureau | 20 Nov, 2020
The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10
lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance
respectively for norm violations.
The central bank has penalised
Muthoot Finance Limited for non-compliance with directions issued by RBI
on maintenance of loan-to-value ratio in gold loans and on obtaining
copy of PAN card of the borrower while granting gold loans in excess of
Rs 5 lakh, contravening RBI norms.
An RBI statement said that a
statutory inspection of Muthoot Finance with reference to its financial
position as on March 31, 2018 and March 31, 2019, revealed
non-compliance with the above-mentioned directions issued by RBI.
Further,
a notice was issued to the company advising it to show cause as to why
penalty should not be imposed for failure to comply with the directions
issued by RBI.
"After considering the company's reply to the
notice, oral submissions made during the personal hearings and
examination of additional submissions made by it, RBI concluded that the
aforesaid charges of non-compliance with RBI directions were
substantiated and warranted imposition of monetary penalty," it said.
Manappuram
Finance has been fined for non-compliance with directions issued by RBI
on verification of ownership of gold jewellery. An inspection of
Manappuram Finance with reference to its financial position as on March
31, 2019, showed that it has not complied with the directions issued by
RBI, said another statement in reference to Manappuram Finance.
"This
action is based on 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 in separate
statements.
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