SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 09-MAR-2026

NBFC: IMPOSED PENALTY

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
61	L&T FINANCE LTD.		DID NOT GIVE NOTICE OF CHANGE IN TERMS AND CONDITIONS OF LOAN TO BORROWERS WHEN IT CHARGED ANNUALIZED RATE OF INTEREST HIGHER THAN WHAT COMMUNICATED AT THE TIME OF SANCTION DID NOT MAKE DISCLOSURE TO RETAIL BORROWERS, GRADATION OF RISK AND RATIONALE FOR CHARGING DIFFERENT INTEREST RATES TO DIFFERENT CATEGORIES OF BORROWERS IN LOAN APPLICATION FORM/SANCTION LETTER DID NOT NOTIFY CHANGE IN PENAL INTEREST RATE TO BORROWERS, WHEN IT CHARGED PENAL INTEREST RATE HIGHER THAN WHAT WAS COMMUNICATED AT THE TIME OF SANCTION	IMPOSED PENALTY RS.2,50,00,000 FROM 17-OCT-2023 17-OCT-2023
62	LAXMAN LEAFIN LTD.		DID NOT ADHERE TO PROVISIONS ON ISSUANCE OF NON-CONVERTIBLE DEBENTURES (RESERVE BANK) DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2010	IMPOSED PENALTY RS.2,00,000 FROM 28-JAN-2016 28-JAN-2016
63	M.L.SECURITIES & FINANCE PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA	IMPOSED PENALTY RS.2,50,000 FROM 11-MAR-2022 11-MAR-2022
64	MAANAVEEYA DEVELOPMENT & FINANCE PVT.LTD.		DID NOT OBTAIN PRIOR WRITTEN PERMISSION OF RBI FOR CHANGE IN MANAGEMENT RESULTING IN CHANGE IN MORE THAN 30% OF THE DIRECTORS, EXCLUDING INDEPENDENT DIRECTORS	IMPOSED PENALTY RS.3,10,000 FROM 27-FEB-2026 27-FEB-2026
65	MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.		LEVIED FORECLOSURE CHARGES DESPITE THERE WAS NO CLAUSE IN LOAN AGREEMENT FOR LEVY OF PREPAYMENT PENALTY ON LOANS RECALLED/FORECLOSURE INITIATED BY BANK DELAY IN ESCALATION OF CERTAIN COMPLAINTS, PARTLY/ WHOLLY REJECTED BY COMPANY’S INTERNAL GRIEVANCE REDRESS MECHANISM TO ITS INTERNAL OMBUDSMAN DELAY IN COMMUNICATION OF FINAL DECISION TO THE COMPLAINANT	IMPOSED PENALTY RS.11,50,000 FROM 27-FEB-2026 27-FEB-2026
66	MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.		DID NOT MAKE DISCLOSURE OF PROCESSING FEES AND OTHER CHARGES IN CERTAIN LOAN APPLICATION FORMS DID NOT FURNISH COPIES OF LOAN AGREEMENTS AND DID NOT CONVEY DETAILS OF LOANS IN SANCTION LETTERS TO CERTAIN BORROWERS DID NOT GIVE FINAL CHANCE TO CERTAIN BORROWERS TO REPAY LOANS BEFORE SALE/AUCTION OF VEHICLES ALLOTTED MULTIPLE CUSTOMER IDENTIFICATION CODES TO SAME CUSTOMERS	IMPOSED PENALTY RS.71,30,000 FROM 21-APR-2025 21-APR-2025
67	MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON STATUTORY REQUIREMENTS OF TRANSFER OF 20% OF NET PROFIT AS DISCLOSED IN ITS PROFIT AND LOSS ACCOUNT TO RESERVE FUND	IMPOSED PENALTY RS.6,77,00,000 FROM 05-APR-2023 05-APR-2023
68	MANAPPURAM FINANCE LTD.		DID NOT UNDERTAKE VERIFICATION OF PAN OF CUSTOMERS FROM VERIFICATION FACILITY OF THE ISSUING AUTHORITY AT THE TIME OF CUSTOMER ACCEPTANCE ALLOTTED MULTIPLE CUSTOMER IDENTIFICATION CODES TO SAME CUSTOMERS	IMPOSED PENALTY RS.20,00,000 FROM 16-DEC-2024 16-DEC-2024
69	MANAPPURAM FINANCE LTD.		DID NOT SUBMIT APPLICABLE RETURNS AND STATUTORY AUDITOR’S CERTIFICATE TO RBI	IMPOSED PENALTY RS.42,78,000 FROM 31-OCT-2023 31-OCT-2023
70	MANAPPURAM FINANCE LTD.		DID NOT CLASSIFY CERTAIN GOLD LOAN ACCOUNTS WITH OVERDUES OF MORE THAN NINETY DAYS AS NON-PERFORMING ASSETS (NPAS) DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LOAN TO VALUE (LTV) RATIO PERTAINING TO GOLD LOANS	IMPOSED PENALTY RS.20,00,000 FROM 12-JUN-2023 12-JUN-2023
71	MANAPPURAM FINANCE LTD.		DID NOT ADHERE TO CERTAIN DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON ISSUANCE AND OPERATION OF PPIS IN INDIA ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE	IMPOSED PENALTY RS.17,63,965 FROM 18-APR-2022 18-APR-2022
72	MANAPPURAM FINANCE LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON VERIFICATION OF OWNERSHIP OF GOLD JEWELLERY CONTAINED IN NBFC RESERVE BANK OF INDA DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2016 DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA	IMPOSED PENALTY RS.5,00,000 FROM 19-NOV-2020 19-NOV-2020
73	MANNAKRISHNA INVESTMENTS PVT.LTD.		DID NOT OBTAIN PRIOR WRITTEN PERMISSION OF RBI FOR CHANGE IN MANAGEMENT RESULTING IN CHANGE IN MORE THAN 30% OF THE DIRECTORS, EXCLUDING INDEPENDENT DIRECTORS	IMPOSED PENALTY RS.3,10,000 FROM 25-NOV-2025 25-NOV-2025
74	MERCEDES-BENZ FINANCIAL SERVICES INDIA PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CARRYING OUT PERIODIC UPDATION OF “KNOW YOUR CLIENTS” OF CUSTOMERS AS PER RISK CATEGORISATION OF CUSTOMERS AND/OR ACCOUNTS	IMPOSED PENALTY RS.10,00,000 FROM 30-OCT-2023 30-OCT-2023
75	MIKHAEL CAPITALIZE PVT. LTD.		DID NOT TAKE PRIOR WRITTEN PERMISSION OF RBI FOR CHANGE IN SHAREHOLDING MORE THAN 26% OF PAID-UP EQUITY CAPITAL DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON APPOINTMENT OF INDEPENDENT DIRECTORS/CHIEF INFORMATION OFFICER/CHIEF TECHNOLOGY OFFICER	IMPOSED PENALTY RS.1,00,000 FROM 25-MAR-2025 25-MAR-2025
76	MULAMOOTTIL FINANCIERS LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA	IMPOSED PENALTY RS.20,00,000 FROM 24-NOV-2021 24-NOV-2021
77	MUTHOOT FINANCE LTD.		ALLOTTED MULTIPLE CUSTOMER IDENTIFICATION CODES TO SAME CUSTOMERS	IMPOSED PENALTY RS.1,90,000 FROM 15-JUL-2024 15-JUL-2024
78	MUTHOOT FINANCE LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LOAN TO VALUE (LTV) RATIO PERTAINING TO GOLD LOANS DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI BY CHANGING ITS MANAGEMENT WITHOUT PRIOR APPROVAL OF RESERVE BANK OF INDIA DID NOT OBTAIN PERMANENT ACCOUNT NUMBER (PAN) CARD WHILE GRANTING GOLD LOANS IN EXCESS OF RS.5.00 LACS	IMPOSED PENALTY RS.10,00,000 FROM 19-NOV-2020 19-NOV-2020
79	MUTHOOT FINCORP LTD.		DID NOT ESTABLISH SYSTEM OF AUTO-ESCALATION OF ALL COMPLAINTS THAT WERE PARTLY OR WHOLLY REJECTED BY ITS INTERNAL GRIEVANCE REDRESS MECHANISM TO INTERNAL OMBUDSMAN FOR A FINAL DECISION	IMPOSED PENALTY RS.2,70,000 FROM 24-SEP-2025 24-SEP-2025
80	MUTHOOT MONEY PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON FRAUDS MONITORING AND REPORTING MECHANISM	IMPOSED PENALTY RS.10,50,000 FROM 06-APR-2023 06-APR-2023
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
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