Anand Rathi Global Finance and Manappuram Fined for Non Compliance
The Reserve Bank of India (RBI) has fined Manappuram Finance and Anand Rathi Global Finance for not following certain rules.
Manappuram Finance, located in Thrissur, has been fined ₹42.78 lakh because it didn’t follow the RBI’s rules pertaining to handling money from selling of gold items. The bank found that Manappuram Finance didn’t give the extra money earned from auctioning gold to some customers between April 01, 2021, and September 30, 2022.
Anand Rathi Global Finance in Mumbai has been fined ₹20 lakh for not following the KYC rules. RBI found that Anand Rathi Global Finance didn’t keep up with checking their customers regularly and didn’t use proper software to identify and report suspicious transactions.
These fines were imposed by the Reserve Bank using its powers from the Reserve Bank of India Act, 1934.