{"id":331077,"date":"2024-09-18T18:00:06","date_gmt":"2024-09-18T12:30:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=331077"},"modified":"2024-09-18T18:04:04","modified_gmt":"2024-09-18T12:34:04","slug":"rbi-imposes-penalty-amounting-lakh-muthoot-vehicle-asset-finance-ltd-failing-comply-with-provisions-rbi-directions-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/18\/rbi-imposes-penalty-amounting-lakh-muthoot-vehicle-asset-finance-ltd-failing-comply-with-provisions-rbi-directions-legal-news\/","title":{"rendered":"RBI imposes penalty of Rs. 7.9 lakh on Muthoot Vehicle &amp; Asset Finance Ltd.  for non-compliance with Liquidity Risk Management Framework and RBI Directions for NBFCs"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">By an order dated 11-09-2024, the Reserve Bank of India (&#8216;RBI&#8217;) imposed a monetary penalty of Rs. 7,90,000\/- on Muthoot Vehicle &amp; Asset Finance Ltd. (&#8216;MVAFL&#8217;) for non-compliance with certain provisions of RBI directions on &#8216;<a href=\"http:\/\/www.scconline.com\/DocumentLink\/TN9dN9X0\" target=\"_blank\" rel=\"noopener\">Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies<\/a>&#8217; and &#8216;<a href=\"http:\/\/www.scconline.com\/DocumentLink\/4DQ82VR8\" target=\"_blank\" rel=\"noopener\">Non-Banking Financial Company &#8212; Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016<\/a>&#8217;.<\/p>\n<p style=\"font-weight: bold;\">Background<\/p>\n<p style=\"margin-bottom: 3%;\">A statutory inspection regarding the final position of MVAFL was conducted on 31-03-2022 based on the supervisory findings of which, a show cause notice was issued to MVAFL as to why a penalty should not be imposed on it.<\/p>\n<p>After considering MVAFL&#8217;s reply, RBI found that the following charges against the company were sustained:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>MVAFL did not disclose the information regarding Liquidity Coverage Ratio on its website;<\/p>\n<\/li>\n<li>\n<p>MVAFL did not submit data regarding its gold loan customers to the four Credit Information Companies;<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">MVAFL did not convey the amount of loan sanctioned along with the terms and conditions in writing in the vernacular language as understood by the vehicle loan borrowers.<\/p>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%;\">RBI further clarified that the action taken was based on deficiencies in regulatory compliance and was not related to any transaction or agreement entered into by MVAFL with its customers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Apart from failing to disclose information regarding LCR and conveying the loan amounts sanctioned, MVAFL also failed to submit data of gold loan customers.<\/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":[73250,73253,73251,34616,73249,73252,2611,2732],"class_list":["post-331077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-asset-finance-ltd","tag-deposit-taking-company","tag-liquidity-risk-management-framework","tag-monetary-penalty","tag-muthoot-vehicle","tag-non-deposit-taking-company","tag-RBI","tag-Reserve_Bank_of_India"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RBI imposes penalty of Rs. 7.9 lakh on Muthoot Vehicle &amp; Asset Finance Ltd. for non-compliance with Liquidity Risk 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