The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 17,63,965 on Manappuram Finance Limited for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) and the Master Direction – Know Your Customer (KYC) Direction.
“It was observed that the entity was non-compliant with the directions issued by RBI on KYC and small PPI requirements. After considering the entity’s response and giving it a personal hearing, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,” as statement said.
However, 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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