Muthoot Finance penalised by RBI
The RBI announced a penalty of ₹ 10 lakh was imposed upon Muthoot Finance for failing to follow instructions to keep the LTV of Gold Loans and to obtain a pan card from the borrower in respect of gold loans exceeding ₹ 5 lakh. In consideration of its financial status, the company regulatory inspection on 31 March 2018 and 31 March 2019 shows that it refused to comply with its orders.