INR 5 lacs monetary penalty

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          RBI imposes Monetary Penalty of INR 5 lacs on M/s Muthoottu Mini Financiers Pvt Ltd.
          The penalty is for violation of various directions/orders issued by Reserve Bank of India from time to time.

          Background
An inspection of the company under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) with reference to its financial position as on March 31, 2013 was conducted during December, 2013.

It was observed that several regulatory violations were committed by the company relating to the : -



After considering the facts of the case and the company’s reply, as also, personal submissions made during the hearing, RBI came to the conclusion that the violations as observed during inspection were of serious nature and were substantiated which warranted imposition of monetary penalty on the company.

Accordingly, a penalty of INR 5 lakh was imposed on the company, by Reserve Bank of India.

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