The Reserve Bank of India (RBI) announced that it has imposed penalties on Mahindra & Mahindra Financial Services Ltd, Indian Bank, and Muthoot Money Limited for non-compliance with regulatory norms.
Mahindra & Mahindra Financial Services Ltd has been fined Rs 6.77 crore for failing to comply with norms related to the disclosure of interest rates to borrowers at the time of loan sanction. On Indian Bank, a penalty of ₹55 lakh was imposed by the central bank for contravention of certain Know Your Customer (KYC)) norms.
RBI has also penalized Muthoot Money Limited, Ernakulam with ₹10.50 lakh for not complying with provisions related to ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’.