RBI penalises Manappuram Finance for violating KYC and PPI rules
The Reserve Bank of India (RBI) has imposed a fine of Rs 17,63,965 on Manappuram Financing, a non-banking finance company, for violating Know Your Customer (KYC) rules and prepaid payment instrument (PPI) norms.
The company 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.
According to an RBI press release, “The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. 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 has said that 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.
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