Manappuram, Anand Rathi Global Finance face monetary penalty for non-compliance
Reserve Bank has imposed monetary penalties on Manappuram Finance and Anand Rathi Global Finance for deficiencies in regulatory compliance. The banking regulator in a release on Thursday said it has imposed a monetary penalty of ₹42.78 lakh on Manappuram Finance Limited, Thrissur for non-compliance with certain provisions of the “Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016".
The apex bank said after examining the Risk Assessment Report, Inspection Report, supervisory letter and all related correspondence it noted that Manappuram Finance failed to comply with the RBI’s directions on payment to certain borrowers the surplus amounts realised by auction of gold articles pledged by those borrowers during the period from April 01, 2021 to September 30, 2022. "Exciting news! Mint is now on WhatsApp Channels
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