{"id":327006,"date":"2024-07-20T16:30:34","date_gmt":"2024-07-20T11:00:34","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=327006"},"modified":"2024-07-20T15:43:12","modified_gmt":"2024-07-20T10:13:12","slug":"rbi-imposes-penalty-1-9-lakh-on-muthoot-finance-for-non-compliance-kyc-directions-2016-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/20\/rbi-imposes-penalty-1-9-lakh-on-muthoot-finance-for-non-compliance-kyc-directions-2016-legal-news\/","title":{"rendered":"RBI imposes penalty of Rs. 1.9 Lakh on Muthoot Finance Ltd. for non-compliance with KYC Directions, 2016"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">By an order dated 15-07-2024, the Reserve Bank of India (&#8216;RBI&#8217;) has imposed a penalty of Rs. 1,90,000\/- on Muthoot Finance Limited (&#8216;Muthoot Finance&#8217;) for non-compliance with certain provisions of <a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=58334\">Know your Customer (KYC) Directions, 2016<\/a> issued by the RBI.<\/p>\n<p style=\"font-weight: bold;\">Background<\/p>\n<p style=\"margin-bottom: 3%;\">A statutory inspection of Muthoot Finance, with reference to its financial position, was conducted by the RBI on 31-03-2022. Subsequently, a show cause notice was issued to Muthoot Finance based on the supervisory findings of non-compliance with the RBI directions.<\/p>\n<p style=\"margin-bottom: 3%;\">After considering the reply given by Muthoot Finance to the show cause notice, RBI found that the charge of allotting more than one Unique Customer Identification Code (UCIC) to its individual customers was sustained, and called for the imposition of a monetary penalty.<\/p>\n<p style=\"margin-bottom: 3%;\">RBI clarified that this action was based on deficiency in regulatory compliance and was not related to the validity of any transaction or agreement between Muthoot Finance and its customers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Muthoot Finance had been allotting more than one UCIC to its individual customers in contradiction to the 2016 KYC Directions issued by the RBI.<\/p>\n","protected":false},"author":67011,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[70689,34616,71205,30681,2611,33804,2732],"class_list":["post-327006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-kyc-directions","tag-monetary-penalty","tag-muthoot-finance-ltd","tag-non-compliance","tag-RBI","tag-regulatory-compliance","tag-Reserve_Bank_of_India"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI imposes penalty of Rs. 1.9 Lakh on Muthoot Finance Ltd. for non-compliance with KYC Directions, 2016 | SCC Times<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India imposes penalty 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Ltd., which were pledged while taking a loan, NCDRC directed the Finance Company to reimburse the woman with the current value of 52 grams gold pledged\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Consumer Disputes Redressal Commission","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":286161,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/04\/rbi-imposed-penalty-on-amazon-pay-india-private-limited-for-non-compliance-of-kyc-requirements-reserve-bank-of-india-legal-update-legal-research-legal-news\/","url_meta":{"origin":327006,"position":5},"title":"RBI imposes penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements","author":"Kriti","date":"March 4, 2023","format":false,"excerpt":"On 3-3-2-2023, the Reserve Bank of India (\u2018RBI\u2019) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements. 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