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Meanwhile, the monetary fine on Manappuram Finance was slapped for non-compliance with certain provisions of the “Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.
“This action is based on the 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,” the RBI said.
On the other hand, the action on Anand Rathi Global Finance is based on the “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”.
Last month, the RBI slapped monetary penalty of ₹12.19 crore on ICICI Bank for sanctioning loans to companies in which two of its directors were also directors and failing to report frauds to the regulator within the prescribed timelines. The action was taken after the central bank conducted the statutory inspections for supervisory evaluation of ICICI Bank with reference to its financial position as of March 31, 2020, and March 31, 2021.
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