Manappuram Finance Limited was fined Rs 17.63 lakh by the Reserve Bank of India (RBI) for failing to comply with Know Your Customer (KYC) and Prepaid Payment Instruments regulations (PPIs).
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KEY POINTS:
- Manappuram Finance Limited has been fined Rs 17,63,965 by the Reserve Bank of India (RBI) for failing to comply with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) dated October 11, 2017 (as updated on February 28, 2020) and the Master Direction – Know Your Customer (KYC) Direction dated February 25, 2016 (as updated on April 20, 2020).
- This action is based on regulatory compliance issues and is not meant to be a judgement on the validity of any transaction or agreement the organisation has with its consumers.
- The entity was found to be in violation of RBI instructions on KYC and minor PPI standards. As a result, the entity was given notice to show cause why a penalty should not be applied for failing to follow the orders.
RBI found that the aforementioned accusation of non-compliance with its orders was proven and warranted imposition of monetary penalty after reviewing the entity’s answer and giving it a personal hearing.
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