RBI imposes fine on Manappuram Finance for violating KYC, PPI norms
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, RBI said.
Source: businesstoday.in
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RBI imposes monetary penalty on Manappuram Finance for non-compliance of KYC, PPI norms
The Reserve Bank of India (RBI) said on Monday it has imposed a monetary penalty of Rs 17.63 lakh on Manappuram Finance Limited for non-compliance of norms related to Know Your Customer (KYC) and Prepaid Payment Instruments (PPIs).
Source: webindia123.com
RBI allows SBIFML, other group entities to raise ICICI Bank stake upto 9.99%
This approval will remain valid for a period of one year, i.e., till March 22, 2023.
Source: businesstoday.in
New RBI regulations would strengthen MFI ecosystem: India Ratings
New RBI regulations would strengthen MFI ecosystem: India Ratings
Source: freepressjournal.in
Microfinance lenders cannot charge usurious interest rate, says RBI
Microfinance lenders cannot charge usurious rate of interest from borrowers, the Reserve Bank said on Monday, and also asked them to put in place a ceiling on pricing of loans and related fees. A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to Rs 3 lakh.
Source: deccanherald.com