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Manappuram Finance Fined by RBI

Published on April 24, 2022
Current Context: The Central Banker has fined the NBFC Manappuram Finance Rs 17 Lakh.
Manappuram Finance Fined by RBI
  • Reserve Bank of India, has imposed a fine of Rs 17 Lakh Rupees on Manappuram Finance citing KYC (Know Your Customer) violation. RBI has exercised this authority under section 30 of the Payment and settlement systems act 2007.
  • Manappuram Finance is an NBFC under the regulation of RBI, primarily involved in Gold Loan. It is headquartered in Thrissur, Kerala.
  • Manappuram is said to have violated KYC as well as PPI standards set by the Reserve Bank of India.


Q.1 Which NBFC has been fined by the RBI due to KYC violation?
a. Manappuram

b. HDB Finance Pvt Ltd
c. AU Small Finance Bank
d. Bajaj Finance

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