The Reserve Bank has imposed monetary penalties on Manappuram Finance and Anand Rathi Global Finance for deficiencies in regulatory compliance.The banking regulator in a release on Thursday said it has imposed a monetary penalty of ₹42.78 lakh on Manappuram Finance Limited, Thrissur for non-compliance with certain provisions of the “Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.Also Read | RBI imposes a monetary penalty of ₹90.92 lakh on Axis Bank. Details hereThe apex bank said after examining the Risk Assessment Report, Inspection Report, supervisory letter and all related correspondence it noted that Manappuram Finance failed to comply with the RBI’s directions on payment to certain borrowers the surplus amounts realised by auction of gold articles pledged by those borrowers during the period from April 01, 2021 to September 30, 2022."Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!Separately, the RBI imposed a monetary penalty of ₹20 lakh on Anand Rathi Global Finance Limited, Mumbai, for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.Also Read | UPI adds a billion transactions in two months, hits 11 bn mark amid festive season: RBI BulletinThe Reserve Bank said that Anand Rathi Global Finance Limited failed to carry out on-going due diligence of its customers when it did not undertake their risk categorisation and put in to use any robust software for effective identification and reporting of suspicious transactions.The penalties on both organizations have been imposed in the exercise of powers conferred on the RBI under the provisions of the Reserve Bank of India Act, 1934. Also Read | RBI tightens norms on consumer loans, raises risk weight on credit exposure by banks, NBFCs to 125% The RBI further said the actions are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the companies with their customers.