RBI has imposed a fine on IndusInd Bank for non-compliance of certain provisions of the norms related to interest rate on deposits. At the same time, RBI has also taken action against Manappuram Finance for non-compliance of certain provisions of KYC norms.
The Reserve Bank of India (RBI) has imposed a fine of Rs 27.30 lakh on IndusInd Bank for non-compliance of certain provisions of the norms related to interest rate on deposits. Apart from this, RBI has imposed a fine of Rs 20 lakh on Manappuram Finance for non-compliance of certain provisions of Know Your Customer i.e. KYC norms.
What did RBI say
RBI had issued a notice to IndusInd Bank after a statutory inspection for supervisory assessment with respect to the financial position of the bank as on March 31, 2023. After considering the reply and additional submissions of IndusInd Bank, RBI found that the allegations related to opening of certain savings accounts in the name of ineligible entities have been proved correct, for which monetary penalty is required to be imposed. However, RBI said that this penalty is based on deficiencies in regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by IndusInd Bank with its customers.
Fine on Manappuram Finance
RBI has imposed a penalty on Manappuram Finance for non-compliance with certain provisions of KYC norms. This penalty is Rs 20 lakh. RBI said that a statutory inspection of NBFC (non-banking financial company) was conducted with reference to its financial position as on March 31, 2023 and a notice was issued to the company. After considering the reply of Manappuram Finance to the notice, RBI said that the company failed to verify the PAN of the customers from the verification facility of the issuing authority at the time of customer acceptance.
Share status
Talking about the stock of IndusInd Bank, it closed at Rs 930 on Friday, down 3.53%. At the same time, shares of Manappuram Finance fell by 1.33% and the price stood at Rs 181.20.
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