Mumbai, Nov 20 (PTI) The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, Sodexo and PhonePe, for violating regulatory guidelines. Avail Invitation Pricing Now RBI rejects Muthoot Finance's plan to buy IDBI AMC. The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively, for norm violations. Mumbai, Nov 19 (IANS): The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. Mumbai, Nov 24 : The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. . Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan NBFC in the country. Muthoot Finance hits new lifetime high, zooms over 100% from March lows RBI imposes fine on Muthoot Finance, Manappuram Finance for non-compliance The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. The central bank, in a statement, said statutory inspection of Muthoot Finance with reference to its financial position as on March 31, 2018 and March 31, 2019, revealed, inter alia, the non-compliance. Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … In addition to financing gold transactions, the company offers foreign exchange services, money transfers, wealth management services, travel and tourism services, and sells gold coins. Image Source : FILE RBI imposes penalty on Muthoot Finance, Manappuram Finance The RBI on Thursday stated it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with instructions on keeping up mortgage to worth ratio in gold loans and on acquiring a duplicate of the PAN card of the […] The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not .. India TV 24/11/2020 09:50:52 PM Share: "The activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC," the regulator told the gold-loan company. MUMBAI : The Reserve Bank of India (RBI) has not cleared a proposal by Muthoot Finance Ltd to buy IDBI Asset Management Ltd and IDBI MF Trustee … We are also India’s largest gold financing company in terms of loan portfolio. You have reached your weekly free article limit. RBI Rejects Muthoot Finances Proposal To Acquire IDBI MF Trending Now! The RBI said sponsoring a mutual fund is not in consonance with the activity of an operating non-banking finance company IDBI Bank had entered into a share purchase agreement with regard to the sale of IDBI Mutual Fund to Muthoot Finance on November 22, 2019. Says that the well-run large NBFCs with an asset size of Rs 50,000 crore and above may convert into full-fledged banks. © 2009-2020 Independent News Service. The Czech novelist looms large over the city he barely ever mentioned in his writings, How young businesses grabbed shelf and mind space during the pandemic, Wondrlab founder Saurabh Varma explains why and how his business will be driven by tech platforms, Defined by worry, 2020 also threw up newer consumer needs and, in turn, marketing opportunities. The RBI said Muthoot Fincorp had been collecting deposits for Muthoot Estate Investments, a group company, via its branches, from which Muthoot Fincorp has now been barred. "As advised by Muthoot Finance, we (IDBI Bank) would like to inform that their request for a no objection certificate was not acceded to by Reserve Bank of India on the ground that, the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in consonance with the activity of an operating NBFC," the filing said. Muthoot Finance managing director George Alexander Muthoot told FE that business had achieved the pre-Covid level. The Reserve Bank of India (RBI) has imposed a penalty of ₹10 lakh on Muthoot Finance Ltd, Ernakulam, and ₹5 lakh on Manappuram Finance Ltd, Thrissur, for non-compliance with its directions. Related News RBI diktat: HDFC Bank told no digital launches, new credit cards The RBI had issued a show cause notice, heard the company out and decided to levy the penalty. Muthoot Finance has been accoladed as India's No.1 most trusted financial services brand, according to the Brand Trust Report of 2016, 2017, 2018, and 2019 consecutively. googletag.cmd.push(function () { googletag.display('div-gpt-ad-1494579592958-0'); }); Sukhbir Singh Badal accuses BJP of setting Hindus against Sikhs in Punjab, Pandian Stores fame Vj Chitra's husband arrested for allegedly abetting suicide, AUS vs IND | Virat is our captain right now, will think about captaincy once he leaves: Rahane, Horoscope Today, Solar Eclipse, Dec 14: Know effect of last 'surya grahan' on your zodiac sign, Nazar Na Lage! “After considering the company’s reply to the notice, oral submissions made during the personal hearings and examination of additional submissions made by it, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the statement said. In both the cases, RBI said its 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 company with its customers. 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