SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 27-AUG-2026

NBFC: IMPOSED PENALTY

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
81	MANAPPURAM FINANCE LTD.		DID NOT SUBMIT APPLICABLE RETURNS AND STATUTORY AUDITOR’S CERTIFICATE TO RBI	IMPOSED PENALTY RS.42,78,000 FROM 31-OCT-2023 31-OCT-2023
82	MANAPPURAM FINANCE LTD.		DID NOT CLASSIFY CERTAIN GOLD LOAN ACCOUNTS WITH OVERDUES OF MORE THAN NINETY DAYS AS NON-PERFORMING ASSETS (NPAS) DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LOAN TO VALUE (LTV) RATIO PERTAINING TO GOLD LOANS	IMPOSED PENALTY RS.20,00,000 FROM 12-JUN-2023 12-JUN-2023
83	MANAPPURAM FINANCE LTD.		DID NOT ADHERE TO CERTAIN DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON ISSUANCE AND OPERATION OF PPIS IN INDIA ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE	IMPOSED PENALTY RS.17,63,965 FROM 18-APR-2022 18-APR-2022
84	MANAPPURAM FINANCE LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON VERIFICATION OF OWNERSHIP OF GOLD JEWELLERY CONTAINED IN NBFC RESERVE BANK OF INDA DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2016 DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA	IMPOSED PENALTY RS.5,00,000 FROM 19-NOV-2020 19-NOV-2020
85	MANNAKRISHNA INVESTMENTS PVT.LTD.		DID NOT OBTAIN PRIOR WRITTEN PERMISSION OF RBI FOR CHANGE IN MANAGEMENT RESULTING IN CHANGE IN MORE THAN 30% OF THE DIRECTORS, EXCLUDING INDEPENDENT DIRECTORS	IMPOSED PENALTY RS.3,10,000 FROM 25-NOV-2025 25-NOV-2025
86	MERCEDES-BENZ FINANCIAL SERVICES INDIA PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CARRYING OUT PERIODIC UPDATION OF “KNOW YOUR CLIENTS” OF CUSTOMERS AS PER RISK CATEGORISATION OF CUSTOMERS AND/OR ACCOUNTS	IMPOSED PENALTY RS.10,00,000 FROM 30-OCT-2023 30-OCT-2023
87	MIKHAEL CAPITALIZE PVT. LTD.		DID NOT TAKE PRIOR WRITTEN PERMISSION OF RBI FOR CHANGE IN SHAREHOLDING MORE THAN 26% OF PAID-UP EQUITY CAPITAL DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON APPOINTMENT OF INDEPENDENT DIRECTORS/CHIEF INFORMATION OFFICER/CHIEF TECHNOLOGY OFFICER	IMPOSED PENALTY RS.1,00,000 FROM 25-MAR-2025 25-MAR-2025
88	MINTIFI FINSERVE PVT.LTD.		DELAY IN UPLOADING KNOW YOUR CLIENTS (KYC) RECORDS OF CERTAIN CUSTOMERS’ ACCOUNTS ON CENTRAL KNOW YOUR CLIENTS (KYC) RECORDS REGISTRY	IMPOSED PENALTY RS.3,10,000 FROM 15-MAY-2026 15-MAY-2026
89	MULAMOOTTIL FINANCIERS LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA	IMPOSED PENALTY RS.20,00,000 FROM 24-NOV-2021 24-NOV-2021
90	MUTHOOT FINANCE LTD.		DID NOT PUT IN PLACE A SYSTEM OF RISK CATEGORISATION OF ACCOUNTS DID NOT PUT IN PLACE ROBUST SOFTWARE FOR EFFECTIVE IDENTIFICATION AND REPORTING OF SUSPICIOUS TRANSACTIONS	IMPOSED PENALTY RS.5,80,000 FROM 10-JUL-2026 10-JUL-2026
91	MUTHOOT FINANCE LTD.		ALLOTTED MULTIPLE CUSTOMER IDENTIFICATION CODES TO SAME CUSTOMERS	IMPOSED PENALTY RS.1,90,000 FROM 15-JUL-2024 15-JUL-2024
92	MUTHOOT FINANCE LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LOAN TO VALUE (LTV) RATIO PERTAINING TO GOLD LOANS DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA DID NOT OBTAIN PERMANENT ACCOUNT NUMBER (PAN) CARD WHILE GRANTING GOLD LOANS IN EXCESS OF RS.5.00 LACS	IMPOSED PENALTY RS.10,00,000 FROM 19-NOV-2020 19-NOV-2020
93	MUTHOOT FINCORP LTD.		DID NOT ESTABLISH SYSTEM OF AUTO-ESCALATION OF ALL COMPLAINTS THAT WERE PARTLY OR WHOLLY REJECTED BY ITS INTERNAL GRIEVANCE REDRESS MECHANISM TO INTERNAL OMBUDSMAN FOR A FINAL DECISION	IMPOSED PENALTY RS.2,70,000 FROM 24-SEP-2025 24-SEP-2025
94	MUTHOOT MCRED LTD.		CLASSIFIED CERTAIN LOAN ACCOUNTS WHICH WERE NPA AS ‘STANDARD ASSET’ WITHOUT REALISATION OF ENTIRE ARREARS OF INTEREST AND PRINCIPAL AMOUNT DUE	IMPOSED PENALTY RS.3,10,000 FROM 14-AUG-2026 14-AUG-2026
95	MUTHOOT MONEY PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON FRAUDS MONITORING AND REPORTING MECHANISM	IMPOSED PENALTY RS.10,50,000 FROM 06-APR-2023 06-APR-2023
96	MUTHOOT VEHICLE & ASSET FINANCE LTD.		DID NOT PUT IN PLACE A SYSTEM OF RISK CATEGORISATION OF ACCOUNTS	IMPOSED PENALTY RS.2,70,000 FROM 13-JUL-2026 13-JUL-2026
97	MUTHOOT VEHICLE & ASSET FINANCE LTD.		DID NOT MAKE DISCLOSURE OF INFORMATION ON LIQUIDITY COVERAGE RATIO ON ITS WEBSITE DID NOT SUBMIT DATA WITH RESPECT TO ITS GOLD LOAN CUSTOMERS TO FOUR CREDIT INFORMATION COMPANIES DID NOT CONVEY IN WRITING THE AMOUNT OF LOAN SANCTIONED ALONG WITH TERMS AND CONDITIONS IN VERNACULAR LANGUAGE AS UNDERSTOOD BY VEHICLE LOAN BORROWERS BY MEANS OF A SANCTION LETTER OR OTHERWISE	IMPOSED PENALTY RS.7,90,000 FROM 11-SEP-2024 11-SEP-2024
98	MUTHOOTTU MINI FINANCIERS PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LOAN TO VALUE (LTV) RATIO PERTAINING TO GOLD LOANS DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON ISSUANCE AND RENEWAL OF NON-CONVERTIBLE DEBENTURES (NCDS) AND LOAN AGAINST NCDS DID NOT ADHERE TO FAIR PRACTICES CODE (FPC) AND DISCLOSURES IN THE BALANCE SHEET ETC.	IMPOSED PENALTY RS.5,00,000 FROM 24-JUL-2015 24-JUL-2015
99	MYND SOLUTIONS PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON TRADE RECEIVABLES DISCOUNTING SYSTEM (TREDS)	IMPOSED PENALTY RS.13,90,000 FROM 29-DEC-2022 29-DEC-2022
100	NABFINS LTD.		ADOPTED RESTRICTIVE PRACTICE OF FORCING CUSTOMERS TO GO IN ONLY FOR A PARTICULAR INSURANCE COMPANY IN RESPECT OF ASSETS FINANCED BY IT	IMPOSED PENALTY RS.10,00,000 FROM 15-APR-2024 15-APR-2024
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
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