RBI fines Manappuram Finance INR 2 mln for non-compliance with KYC norms
This story was originally published at 18:52 IST on 20 December 2024
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--RBI imposes INR 2 mln penalty on Manappuram Finance
MUMBAI – The Reserve Bank of India has imposed a monetary penalty of INR 2 million on Manappuram Finance for non-compliance with Know-Your-Customer norms, it said in a press release on Friday.
The central bank conducted a statutory inspection with reference to the financial position as on Mar. 31, 2023 and based on the findings, RBI issued a show-cause notice to the bank.
The bank failed to undertake verification of permanent account number of customers from verification facility of the issuing authority at the time of customer acceptance, and allotted multiple identification codes to certain customers instead of a unique customer identification code to each one. After considering the bank's response, the monetary penalty was imposed.
On Friday, shares of Manappuram Finance closed 1.4% lower at INR 181.03 on Friday. End
Reported by Kshipra Petkar
Edited by Deepshikha Bhardwaj
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