RBI imposes Rs 17 lakh fine on Manappuram Finance for violating KYC, PPI norms
The Reserve Bank of India (RBI) has imposed a fine of over Rs 17 lakh on non-banking finance company Manappuram Finance for violating KYC guidelines as well as norms related to prepaid payment instruments
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the regulator said in a release