Also read: Manappuram Finance posts 10% rise in Q2 net profit. The RBI said accepting such deposits is now punishable and if … The RBI said accepting such deposits is now punishable and if depositors give money, they would be doing so at their own risk. Mumbai: The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on … RBI imposition of 10 and 5 Lakh fine on Muthoot Finance and Manappuram respectively comes after flagrant and continuous violation of RBI guidelines in following protocol Photo Credit: Reuters. Linkedin. Rise in gold prices aiding demand for retail gold loans. Haqikat kya hai : who is infiltrating the farmers agitation ? 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, … 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. 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. 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. This was subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India (Sebi) and other regulators. 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 under the activity of an operating NBFC. 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. Facebook, Twitter, Instagram, YouTube and Muthoot Finance: 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. According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019. 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.According to a regulatory filing by IDBI Bank on You have reached your weekly free article limit. Also read: All you wanted to know about loan-to-value ratio. The RBI has turned down the proposal of Muthoot Finance Ltd. to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. Banks risk-averse towards unsecured loans. According to a regulatory filing by IDBI Bank Ltd. on Nov. 24, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on Nov. 22, 2019. Muthoot Finance informed the exchanges that its request for a no-objection certificate was not acceded to by the RBI on the ground that, “The activity of sponsoring a mutual fund or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC).” George Muthoot was declared the 26 th Richest Indian and the Richest Malayalee in India by Forbes Asia Magazine, 2020. RBI rejects Muthoot Finance's plan to buy IDBI AMC. 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. A nifty little soundbar at a great price point. . The Reserve Bank of India (RBI) has rejected the proposed acquisition of IDBI Mutual Fund by Muthoot Finance. The central bank said the statutory inspection of Manappuram Finance with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the RBI directions on verification of ownership of gold jewellery. Watch the full interview with George Alexander Muthoot, MD, Muthoot Finance on The Market here. Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. "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. In the case of Muthoot Finance, RBI said the penalty is for non-compliance with directions on maintenance of Loan to Value (LTV) ratio in gold loans and on obtaining copy of PAN (Permanent Account Number) card of the borrower while granting loans in excess of ₹5 lakh. Related News RBI diktat: HDFC Bank told no digital launches, new credit cards Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … 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. Despite RBI rejecting the deal, Muthoot Finance’s shares were marginally up 0.61% on the BSE on Wednesday at Rs 1145 at of 10 20am. 26 November, 2020. Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. 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