RBI imposes penalties on Muthoot Finance, 5 others for compliance violations
The Reserve Bank of India (RBI) on Friday announced that it has imposed monetary penalties on six companies, including non-bank lender Muthoot Finance, for non-compliance with various regulatory norms.
The Reserve Bank of India (RBI) on Friday announced that it has imposed monetary penalties on six companies, including non-bank lender Muthoot Finance, for non-compliance with various regulatory norms.
The central bank imposed a Rs 5.80 lakh penalty on Muthoot Finance, Rs 3.10 lakh each on Satya MicroCapital and PAN Emami Cosmed, Rs 2.70 lakh each on Dhani Loans and Services and Muthoot Vehicle and Asset Finance, and Rs 6.20 lakh on Avail Financial Services, notifications said.
Muthoot Finance was penalised for failing to put in place a system of periodic review of risk categorisation of accounts and non-deployment of robust software for effective identification and reporting of suspicious transactions, the RBI said.
