RBI imposes fine of over Rs 17 lakh on Manappuram Finance
19th Apr 2022

The Reserve Bank of India (RBI) has imposed a fine of over Rs 17 lakh on non-banking finance company Manappuram Finance 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.

Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.