RBI fines 6 companies including Muthoot Finance for compliance lapses
The Reserve Bank of India (RBI) has hit six companies, including Muthoot Finance, with fines for not following financial regulations.
The penalties, which range from ₹2.70 lakh to ₹6.20 lakh, are for various compliance violations including weak risk management, transaction monitoring failures, credit exposure breaches, and other regulatory lapses.
The RBI imposed the penalties for non-compliance with regulatory norms.
Fines range 2.7L to 6.2L
Muthoot Finance was charged ₹5.80 lakh for not reviewing risks regularly and missing suspicious transactions.
Avail Financial Services got the biggest fine, ₹6.20 lakh, for going over single-party exposure limits and directorship conflicts with its managing director.
Satya MicroCapital was fined ₹3.10 lakh for not marking restructured accounts as NPAs, while PAN Emami Cosmed was fined ₹3.10 lakh for credit exposure issues, and Dhani Loans and Services and Muthoot Vehicle & Asset Finance were fined ₹2.70 lakh each for other compliance lapses.