Manappuram Finance Limited has released an official statement addressing the Reserve Bank of India’s (RBI) directives regarding its subsidiary, Asirvad Microfinance, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
The company expressed its full commitment to adhering to the RBI’s feedback and implementing the required corrective measures. In the statement, the Board emphasized its dedication to a “compliance first” culture and outlined its plans to take immediate action.
Press Release Highlights:
- Acknowledging RBI Feedback: Manappuram Finance has taken on record the improvement areas suggested by the RBI and promptly informed its Board of Directors.
- Urgent Board Meeting: The company has convened a meeting of its Board to urgently address the matter and implement corrective actions as per RBI’s directions.
- Compliance and Customer Service: The Board reiterated its commitment to ensuring robust customer service for existing customers while aligning with a strict compliance framework.
- Comprehensive Governance Review: In addition to remedying the observations made by the RBI, the company will conduct a comprehensive review of its enterprise-wide governance, risk management, and regulatory compliance.
- Plan Submission to RBI: A detailed plan addressing the issues raised by the RBI will be submitted within the stipulated timelines.
Manappuram Finance emphasized the seriousness with which it is addressing the situation, assuring stakeholders that the company is committed to complying fully with the RBI’s guidance.
The company has requested the stock exchanges to take this disclosure on record.
