Save Bank Of India: The Reserve Bank of India has imposed a huge fine on a company. This company works to give loans to people. The Reserve Bank has imposed this penalty for violation of rules. Central banks say that this penalty has been imposed on Thrissur-based Gold Loan Company due to deficiencies in regulatory compliance.
Which company was fined
The Reserve Bank of India has imposed a fine of Rs 20 lakh on Manappuram Finance. RBI has imposed a penalty of Rs 20 lakh for non-compliance of certain provisions of NBFC rules. The Reserve Bank said that it does not mean to influence any transaction. At the same time, it will not affect any deal.
Central bank issued instructions
The Reserve Bank of India (RBI) had conducted the inspection till March 2021 to check the financial position of the company. After this, a complete report was prepared about the status of the company and directions were given. Under this, violation of rules was also found, due to which the central bank imposed a fine on the company. At the same time, the bank has also asked the company to separate the gold loan account which is outstanding for more than 90 days.
What else did the Reserve Bank find wrong
The central bank said that since 2011, the company has also not ensured the maintenance of mandatory loan to amount in some accounts. Along with this, the Reserve Bank has found many other problems. RBI said that this action is based on the dissatisfaction response of the company.
Significantly, the Reserve Bank of India keeps checking the financial condition of banks and finance companies from time to time and violations of rules. If the Reserve Bank finds any kind of problem, then it takes action related to fine or ban on them.
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