RBI imposes fine on Manappuram Finance, IndusInd Bank over non-compliance

Daily Current Affairs / RBI imposes fine on Manappuram Finance, IndusInd Bank over non-compliance

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Category : Business and economics Published on: December 23 2024

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The Reserve Bank of India (RBI) has imposed a penalty of Rs 27.3 lakh on IndusInd Bank and Rs 20 lakh on Manappuram Finance for non-compliance of prescribed norms.
The penalty on Manappuram Finance was imposed on account of failure in customer PAN verification and incorrect allotment of customer identification code (UCIC), while IndusInd Bank was fined for opening savings accounts in the name of ineligible entities.

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RBI imposes fine on Manappuram Finance, IndusInd Bank over non-compliance