You are here: Home » Companies » News
Over 167,000 companies incorporated last year: MCA
Business Standard

RBI imposes Rs 17 lakh fine on Manappuram Fin for violating KYC, PPI norms

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the regulator said in a release

Topics
Manappuram Finance  | KYC compliance

Press Trust of India  |  Mumbai 



Manappuram Finance
Manappuram Finance

The (RBI) has imposed a fine of over Rs 17 lakh on non-banking finance company for violating KYC guidelines as well as norms related to prepaid payment instruments.

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the regulator said in a release.

The company has been fined Rs 17,63,965 for non-compliance with certain directions on issuance and operation of Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) norms, it said.

The RBI had sent notice to the company advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

"After considering the entity's response and giving it a personal hearing, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers, the RBI added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Mon, April 18 2022. 21:15 IST

RECOMMENDED FOR YOU

.