Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 17,63,965 on Manappuram Finance Limited. RBI said the company had failed to comply with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments and the Master Direction on Know Your Customer (KYC). The penalty was imposed under Section 30 of the Payment and Settlement Systems Act, 2007 after a show-cause notice, response, and personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 17.6 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date