The Reserve Bank of India has imposed monetary penalties of ₹27.30 lakh on IndusInd Bank and ₹20 lakh on Manappuram Finance for violation of regulatory norms, according to separate statements.
The regulator found that IndusInd Bank opened certain savings deposit accounts in the name of ineligible entities, warranting monetary penalty. “The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by the bank with its customers,” the RBI said.
Manappuram Finance, meanwhile, failed to undertake verification of PAN of customers from verification facility of the issuing authority at the time of customer acceptance. It also allotted multiple identification codes to certain customers instead of a Unique Customer Identification Code (UCIC) for each customer.
“After considering the company’s reply to the notice and oral submissions made by it during the personal hearing, RBI found that the following charges against the company were sustained, warranting imposition of monetary penalty,” the RBI said.
