The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on maintaining loan to value ratio in gold loans and on obtaining copy of PAN card of the borrower while granting gold loans of over Rs 5 lakh. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC.According to a regulatory filing by IDBI Bank on Haqikat kya hai : who is infiltrating the farmers agitation ? Depression rates tripled during Covid-19 pandemic: Study. Burger loveA year after withdrawing it, McDonald’s India re-introduced the Chicken McGrill last month after a ... Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ... Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ... Aequs Aerospace to create space for large-scale manufacture of toys at Koppal. Follow us on Telegram, RBI imposition of 10 and 5 Lakh fine on Muthoot Finance and Manappuram respectively comes after flagrant and continuous violation of RBI guidelines in following protocol "The activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC," the regulator told the gold-loan company. Banks aggressively lending retail gold loans. Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. 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The non-bank financier said in a regulatory filing on Tuesday that the central bank has conveyed to them that “the activity of sponsoring a mutual fund or owning an … The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on maintaining loan to value ratio in … Linkedin. Copyright © 2020, THG PUBLISHING PVT LTD. 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Presently, he is the National Executive Committee Member of FICCI and also Chairman of FICCI’s Kerala State Council. Despite RBI rejecting the deal, Muthoot Finance’s shares were marginally up 0.61% on the BSE on Wednesday at Rs 1145 at of 10 20am. Shri M. G. George Muthoot has been honoured with many prestigious awards. A nifty little soundbar at a great price point. The RBI said sponsoring a mutual fund is not in consonance with the activity of an operating non-banking finance company IDBI Bank had entered into a share purchase agreement with regard to the sale of IDBI Mutual Fund to Muthoot Finance on November 22, 2019. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not .. India TV 24/11/2020 09:50:52 PM Share: The regulator told the Gold Loan Company that the activity of sponsoring mutual funds or operating an asset management company is not commensurate […] Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. Mumbai: The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on … In the case of Muthoot Finance, RBI said the penalty is for non-compliance with directions on maintenance of Loan to Value (LTV) ratio in gold loans and on obtaining copy of PAN (Permanent Account Number) card of the borrower while granting loans in excess of ₹5 lakh. MUMBAI : The Reserve Bank of India (RBI) has not cleared a proposal by Muthoot Finance Ltd to buy IDBI Asset Management Ltd and IDBI MF Trustee … RBI has rejected Muthoot Finance's proposal to acquire IDBI AMC. Muthoot Finance informed the exchanges that its request for a no-objection certificate was not acceded to by the RBI on the ground that, “The activity of sponsoring a mutual fund or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC).” Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. George Alexander Muthoot, Managing Director, Muthoot Finance, talks about rejection of the proposal to acquire IDBI Mutual Fund, RBI’s working committee recommendations and gold loan demand among others during a candid chat with Swati Khandelwal, Zee Business. Muthoot Finance had proposed to purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore. Before you buy art for your home. According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019. A voluntary cardiac care service shows how Janaushadhi kendras can go much beyond selling low-cost medicines, What is needed to boost funding in renewable energy, Developments in the renewable sector this year can spur better future outcomes, Ideal for those with at least a one-year investment horizon, While insurers reward you with higher sum insured, you can still enhance your existing policy for extra costs, The benchmark indices scaled new highs last week; traders should stay alert. Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. Covid-19 has triggered a consumer shift towards branded products as ... Big Story | Behavioural biases to be wary of in a bull market. The central bank has penalised Muthoot Finance Limited for non-compliance with directions issued by RBI on maintenance of loan-to-value ratio in gold loans and on obtaining copy of PAN card … You have reached your weekly free article limit. “After considering the company’s reply to the notice, oral submissions made during the personal hearings and examination of additional submissions made by it, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the statement said. Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! Please Subscribe to get access to one of our early bird packs. Muthoot Finance’s request for a no objection certificate to acquire IDBI Capital Markets & Securities, IDBI Trustee and IDBI Asset Management has not been approved by RBI on the grounds that the activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC. RBI vetoes Muthoot’s plan to buy IDBI MF - Times of Ind.. India Business News: TNN Mumbai: Kerala-headquartered NBFC major Muthoot Finance on Tuesday said that the RBI has declined permission for it.. In a separate announcement on 19 November, RBI said it has imposed a penalty of INR10 lakh on Muthoot Finance Limited, Ernakulam and INR 5 lakh on Manappuram Finance Limited, Thrissur for … Updated: 24 Nov 2020, 05:57 PM IST Edited By J. Jagannath 'The … Also read: Muthoot Finance posts 4% rise in Q2 net profit. Banks risk-averse towards unsecured loans. The RBI said Muthoot Fincorp had been collecting deposits for Muthoot Estate Investments, a group company, via its branches, from which Muthoot Fincorp has now been barred. Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. IDBI Bank had to sell its MF arm after being acquired by state-owned insurance behemoth Life Insurance Corporation since LIC already had an AMC. The Reserve Bank of India (RBI) has imposed a penalty of ₹10 lakh on Muthoot Finance Ltd, Ernakulam, and ₹5 lakh on Manappuram Finance Ltd, Thrissur, for non-compliance with its directions. The initial deal between IDBI Bank and some of its arms and Muthoot Finance was signed exactly a year ago, subject to … Also read: All you wanted to know about loan-to-value ratio. (Photo: Mint) RBI rejects Muthoot Finance's proposal to buy IDBI MF 1 min read. New Delhi: The Reserve Bank of India (RBI) has declined by Muthoot Finance Ltd's proposal to buy IDBI Asset Management Ltd and IDBI MF Trustee Company Ltd from IDBI Bank Ltd and IDBI Capital Markets & Securities Ltd. Increase in LTV has further put banks in a sweet spot. Says that the well-run large NBFCs with an asset size of Rs 50,000 crore and above may convert into full-fledged banks. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. "The activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC," the regulator told the gold-loan company. Customize your preference and get a personalized recommendation of stories based on your interest. RBI rejects Muthoot Finance's plan to buy IDBI AMC. The RBI said Muthoot Fincorp had been collecting deposits for Muthoot Estate Investments, a group company, via its branches, from which Muthoot Fincorp has now been barred. In both the cases, RBI said its action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Mumbai, Nov 19 (IANS): The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. The regulator told the Gold Loan Company that the activity of sponsoring mutual funds or operating an asset management company is not commensurate […] Offer closes soon. RBI said it issued a notice to the company to show cause as to why penalty should not be imposed for failure to comply with RBI directions. RBI''s targeted long-term ... for industry," said George Alexander Muthoot, MD, Muthoot Finance. Muthoot Finance informed the exchanges that its request for a no-objection certificate was not acceded to by the RBI on the ground that, “The activity of sponsoring a mutual fund or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC).” Image Source : FILE RBI imposes penalty on Muthoot Finance, Manappuram Finance The RBI on Thursday stated it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with instructions on keeping up mortgage to worth ratio in gold loans and on acquiring a duplicate of the PAN card of the […] And it has every reason to smile. The RBI said accepting such deposits is now punishable and if … Muthoot Finance: The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. The RBI said accepting such deposits is now punishable and if depositors give money, they would be doing so at their own risk. IDBI Bank had to sell its MF arm after being acquired by state-owned insurance behemoth Life Insurance Corporation since LIC already had an AMC. All rights reserved. This was subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India (Sebi) and other regulators. According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019. Experience cleaner site with zero ads and faster load times. The Reserve Bank of India (RBI) has imposed a penalty of ₹10 lakh on Muthoot Finance Ltd, Ernakulam, and ₹5 lakh on Manappuram Finance Ltd, Thrissur, for non-compliance with its directions. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank’s mutual fund business, saying sponsoring a mutual fund is not under the activity of an operating NBFC. The Reserve Bank of India (RBI) has nixed Muthoot Finance Ltd’s plans to enter into the mutual fund business by rejecting the firm’s proposal to acquire IDBI Asset Management Ltd and IDBI MF Trustee Company Ltd. Or click on Free Trial to get 14 days free trial. 26 November, 2020. Mumbai, Nov 19 (IANS): The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. The central bank said the statutory inspection of Manappuram Finance with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the RBI directions on verification of ownership of gold jewellery. Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … RBI imposition of 10 and 5 Lakh fine on Muthoot Finance and Manappuram respectively comes after flagrant and continuous violation of RBI guidelines in following protocol Facebook, Twitter, Instagram, YouTube and The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. KOLKATA: The Reserve Bank of India has rejected non-bank lender Muthoot Finance's proposal to acquire IDBI Asset Management Company on the ground of synergy - or the obvious lack of it. Muthoot Finance managing director George Alexander Muthoot told FE that business had achieved the pre-Covid level. George Muthoot was declared the 26 th Richest Indian and the Richest Malayalee in India by Forbes Asia Magazine, 2020. The RBI has turned down the proposal of Muthoot Finance Ltd. to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. Industrial Bureau:- The Reserve Bank of India has declined the offer of non-bank lender Muthoot Finance to acquire IDBI Asset Management Company on the basis of synergy – or its conspicuous absence. The Reserve Bank of India (RBI) has imposed a penalty of ₹ 10 lakh on Muthoot Finance Ltd, Ernakulam, and ₹ 5 lakh on Manappuram Finance Ltd, … NEW DELHI: The RBI has turned down the proposal of Muthoot Financeto acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund … Watch the full interview with George Alexander Muthoot, MD, Muthoot Finance on The Market here. Image Source : FILE RBI imposes penalty on Muthoot Finance, Manappuram Finance The RBI on Thursday stated it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with instructions on keeping up mortgage to worth ratio in gold loans and on acquiring a duplicate of the PAN card of the […] Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan NBFC in the country. . The RBI had issued a show cause notice, heard the company out and decided to levy the penalty. RBI rejects Muthoot Finance's proposal to buy IDBI MF 1 min read. Shri M.G. © 2009-2020 Independent News Service. Muthoot Finance has been accoladed as India's No.1 most trusted financial services brand, according to the Brand Trust Report of 2016, 2017, 2018, and 2019 consecutively. Muthoot Finance Ltd, the largest gold financing company in India in terms of loan portfolio, declared a net profit of Rs.171crs in the second quarter of FY15 and Rs.351crs for the half year ended FY15. TNN Mumbai: Kerala-headquartered NBFC major Muthoot Finance on Tuesday said that the RBI has declined permission for its plans to acquire IDBI Mutual Fund. RBI has rejected Muthoot Finance's proposal to acquire IDBI AMC. googletag.cmd.push(function () { googletag.display('div-gpt-ad-1494579592958-0'); }); Sukhbir Singh Badal accuses BJP of setting Hindus against Sikhs in Punjab, Pandian Stores fame Vj Chitra's husband arrested for allegedly abetting suicide, AUS vs IND | Virat is our captain right now, will think about captaincy once he leaves: Rahane, Horoscope Today, Solar Eclipse, Dec 14: Know effect of last 'surya grahan' on your zodiac sign, Nazar Na Lage! According to a regulatory filing by IDBI Bank Ltd. on Nov. 24, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on Nov. 22, 2019. Mamata Banerjee slams BJP, calls it 'dacoits' party. "As advised by Muthoot Finance, we (IDBI Bank) would like to inform that their request for a no objection certificate was not acceded to by Reserve Bank of India on the ground that, the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in consonance with the activity of an operating NBFC," the filing said. Related News RBI diktat: HDFC Bank told no digital launches, new credit cards RBI Rejects Muthoot Finances Proposal To Acquire IDBI MF Trending Now! Board may consider applying for banking license after RBI guidelines are out: George Alexander Muthoot George Alexander Muthoot, Managing Director, Muthoot Finance, talks about rejection of the proposal to acquire IDBI Mutual Fund, RBI’s working committee recommendations and gold loan demand among others during a candid chat with Swati Khandelwal, Zee Business The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively, for norm violations. We are also India’s largest gold financing company in terms of loan portfolio. RBI increased LTV on gold loans to 90% for banks. RBI turns down proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business. Mumbai, Nov 20 (PTI) The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, Sodexo and PhonePe, for violating regulatory guidelines. Photo Credit: Reuters. 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