INR 5 lacs monetary penalty
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 : - · guidelines on Loan to Value (LTV) ratio pertaining to gold loans , · issuance and renewal of Non-Convertible Debentures (NCDs), · loans against NCDs, · ...