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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. Or click on Free Trial to get 14 days free trial. The RBI said accepting such deposits is now punishable and if … 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. Avail Invitation Pricing Now Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. 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, … 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 … 26 November, 2020. Increase in LTV has further put banks in a sweet spot. 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. 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. 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 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. 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. The regulator told the Gold Loan Company that the activity of sponsoring mutual funds or operating an asset management company is not commensurate […] All rights reserved. Please Subscribe to get access to one of our early bird packs. 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. 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. Author John le Carré thrived on espionage, in every sense of the word. And it has every reason to smile. 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. Amitabh Bachchan's 'nimbu mirchi' on 2021 post is exactly what's on our mind, 17 per cent of BMW bikes worldwide produced at TVS Chennai plant, Amazon Christmas sale 2020 begins: Offers on OnePlus 8T, Redmi Note 9 Pro, Opinion | Farmers’ agitation: Leftists agenda is to denigrate Modi, J&K govt ropes in filmmaker Imtiaz Ali to promote local art and culture, Coolie No 1 Song Mummy Kassam out: Varun Dhawan, Sara Ali Khan will leave you tapping your feet, Suresh Raina set to return to competitive cricket, shares photos from training session. RBI turns down proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business. 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 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. Watch the full interview with George Alexander Muthoot, MD, Muthoot Finance on The Market here. 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. 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. RBI rejects Muthoot Finance's plan to buy IDBI AMC. This was subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India (Sebi) and other regulators. "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. 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. Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan NBFC in the country. 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. 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. Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. 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. 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. 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 "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. (339 kb) Date : Nov 20, 2020 Reserve Bank of India imposes monetary penalty on (1) Sodexo SVC India Private Limited, (2) Muthoot Vehicle & Asset Finance Limited, (3) QwikCilver Solutions Private Limited, (4) Phonepe Private Limited, (5) Delhi Metro Rail Corporation Limited and (6) Punjab National Bank Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. Linkedin. The RBI said accepting such deposits is now punishable and if depositors give money, they would be doing so at their own risk. 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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 … Also read: Muthoot Finance posts 4% rise in Q2 net profit. You have clicked on a link which leaves THBL website, and you will be redirected to a third party website.THBL makes no representations nor has any supervision or control over the content, reliability or security of the third party website, nor shall THBL be liable for its use. Offer closes soon. Mumbai, Nov 24 : The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. 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Muthoot Finance hits new lifetime high, zooms over 100% from March lows RBI imposes fine on Muthoot Finance, Manappuram Finance for non-compliance 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. 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! In addition to financing gold transactions, the company offers foreign exchange services, money transfers, wealth management services, travel and tourism services, and sells gold coins. Muthoot Finance managing director George Alexander Muthoot told FE that business had achieved the pre-Covid level. 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 agreement was entered into by and between Muthoot Finance, IDBI Bank, IDBI Capital Markets & Securities, IDBI Asset Management and IDBI MF Trustee Company... for acquisition by Muthoot Finance of 100% equity shares of IDBI Asset Management held by IDBI Bank and its nominees and IDBI Capital Markets & Securities, and 100 % equity shares of IDBI MF Trustee Company held by IDBI Bank and its nominees," it said. Mamata Banerjee slams BJP, calls it 'dacoits' party. RBI''s targeted long-term ... for industry," said George Alexander Muthoot, MD, Muthoot Finance. 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. Experience cleaner site with zero ads and faster load times. Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. 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. Copyright © 2020, THG PUBLISHING PVT LTD. 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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 central bank, in a statement, said statutory inspection of Muthoot Finance with reference to its financial position as on March 31, 2018 and March 31, 2019, revealed, inter alia, the non-compliance. 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 […] 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. You can also download our Android App or IOS App. Banks aggressively lending retail gold loans. George Muthoot was declared the 26 th Richest Indian and the Richest Malayalee in India by Forbes Asia Magazine, 2020. Related News RBI diktat: HDFC Bank told no digital launches, new credit cards 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. Rise in gold prices aiding demand for retail gold loans. 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).” 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 … RBI has rejected Muthoot Finance's proposal to acquire IDBI AMC. NEW DELHI: The RBI has turned down the proposal of Muthoot Financeto acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund … 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. The RBI had issued a show cause notice, heard the company out and decided to levy the penalty. Facebook, Twitter, Instagram, YouTube and Follow us on Telegram, Photo Credit: Reuters. RBI increased LTV on gold loans to 90% for banks. Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. 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. 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. Customize your preference and get a personalized recommendation of stories based on your interest. 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 Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … 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.. Shri M. G. George Muthoot has been honoured with many prestigious awards. 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. 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! Before you buy art for your home. 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. S targeted long-term... for industry, '' said George Alexander Muthoot, MD, Muthoot Finance proposal... Of Muthoot Finance 's proposal to acquire IDBI Bank had to sell its MF arm after being acquired by insurance! 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