Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Manappuram Finance Limited by an order dated November 19, 2020. The penalty was based on non-compliance with RBI directions on verification of ownership of gold jewellery contained in the NBFC Directions, 2016. RBI stated that the action followed a statutory inspection and subsequent show-cause proceedings, and that the company’s explanations were considered before the violation was found substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Location
- Thrissur, Kerala
- Order Date