Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹10.50 lakh on Muthoot Money Limited, Ernakulam, Kerala, by order dated April 06, 2023. RBI found, after statutory inspection and review of supervisory material, that the company had not complied with the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016, specifically by reporting certain frauds to RBI with delay. The penalty was issued under section 58G read with section 58B(5)(aa) of the RBI Act, 1934, following a show-cause notice, the company’s reply, and oral submissions in a personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 10.5 L
- Entity Type
- NBFC
- Location
- Ernakulam, Kerala
- Order Date