The Reserve Bank of India (RBI) has imposed monetary penalties on Manappuram Finance Limited and IndusInd Bank Ltd for non-compliance with regulatory provisions.
Manappuram Finance Limited
- Penalty Amount: ₹20 lakh
- Reason: Non-compliance with RBI’s KYC Directions, 2016.
- Findings:
- Failure to verify customers’ PAN through the issuing authority’s facility.
- Allotment of multiple identification codes instead of a unique code (UCIC) for each customer.
- Inspection Period: Financial position as of March 31, 2023.
- RBI’s Action: After considering the company’s reply and oral submissions, the charges were upheld, resulting in the penalty.
IndusInd Bank Ltd
- Penalty Amount: ₹27.30 lakh
- Reason: Non-compliance with RBI’s Interest Rate on Deposits Directions, 2016.
- Findings: Opening savings deposit accounts for ineligible entities.
- Inspection Period: Financial position as of March 31, 2023.
- RBI’s Action: The charges were sustained following the bank’s submissions, warranting the penalty.
Both actions are based on deficiencies in regulatory compliance and do not impact the validity of customer transactions or agreements. RBI clarified that these penalties are without prejudice to any further actions that may be taken against the respective entities.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or legal advice. Always verify details through official channels or consult relevant professionals for further insights.
