RBI Slaps Fines Indusind Bank, Manappuram Fin

Mumbai: Reserve Bank of India (RBI) has imposed penalties on IndusInd Bank and Manappuram Finance Ltd for violating regulatory norms. A penalty of Rs27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to ‘interest rate on deposits’, the Reserve Bank said on Friday.

Further, the penalty was Rs 20 lakh on Manappuram Finance for non-compliance with certain provisions of Know Your Customer (KYC) norms. The RBI had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2023, and had issued a notice to the private sector lender.