RBI Imposes Penalty Of ₹1.9 Lakh On Muthoot Finance For KYC Non-Compliance

In a recent regulatory action, the Reserve Bank of India (RBI) has imposed a monetary penalty on Muthoot Finance Limited, a prominent financial services company, for non-compliance with its Know Your Customer (KYC) Directions, 2016. This penalty underscores the RBI's commitment to ensuring adherence to financial regulations and protecting the integrity of the financial system. Details of the Penalty On July 15, 2024, the RBI issued an order imposing a…