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The Reserve Bank of India (RBI) has imposed monetary penalty of 17 lakh on Manappuram Finance Ltd (the entity) for violating its directions on KYC norms.

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, it said in a statement.

This 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 entity with its customers.

The RBI had sent notice to the company advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

"It was observed that the entity was non-compliant with the directions issued by RBI on KYC and small PPI requirements. Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions," RBI said.

After considering the entity’s response and giving it a personal hearing, RBI concluded that the non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

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