NEW DELHI: The RBI has turned down the proposal of Muthoot Financeto acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund … Mumbai: The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on … Check details, ICSI CS June Exam 2021: Datesheet for Foundation, Executive, Professional courses released, Madhya Pradesh to resume 10th, 12th classes from Dec 18, Vir Das to Sumeet Vyas, comedians turned actors who made their mark in TV industry (IN PICS), Insta Trending: Kareena's baby bump, Malaika & Gauri's throwback picture to PeeCee in blue jeans, PICS: Jr Bachchan's birthday wish for Navya, PeeCee a sight to behold to Hina flaunting 'sexy back', Insta Trend: Preity shares glimpse of empty street from LA, Janhvi's 2020 face to Arjun's Thurs vibe, SPOTTED: Malaika Arora dazzles in red, Ananya Pandey, Deepika and Siddhanth head to shoot, Horoscope 13 December: It is a happy day for Aquarius, know about other Zodiac signs, Astad Deboo dies; artistes say India lost cultural treasure, Horoscope Today, December 10, 2020: Luck of Cancerians to flourish, know about other zodiac signs, Vastu Tips: How to use salt to avoid lack of money at home, Bigg Boss 14: Jaan Kumar Sanu takes a dig at Rahul Vaidya's re-entry, Here's what he said, Bigg Boss 14 PROMO: Nikki, Rubina get aggressive as Kashmera, Arshi, Rakhi gang up in captaincy task, Bigg Boss 14: Rakhi Sawant shares how her stint in show helped her launch an illustrious career, Bigg Boss 14: Vikas Gupta opens up about the responsibilities he took at a young age, Bigg Boss 14 Dec 9 HIGHLIGHTS: Arshi Khan, Vikas Gupta's physical fight to Nomination task, RBI turns down Muthoot Finance's proposal to acquire IDBI Bank's mutual fund business. A nifty little soundbar at a great price point. 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 RBI turns down proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business. (Photo: Mint) RBI rejects Muthoot Finance's proposal to buy IDBI MF 1 min read. Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. George Muthoot was declared the 26 th Richest Indian and the Richest Malayalee in India by Forbes Asia Magazine, 2020. 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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 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. According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019. 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. 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. 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.. 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. Haqikat kya hai : who is infiltrating the farmers agitation ? 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 … Follow us on Telegram, Please Subscribe to get access to one of our early bird packs. "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. The RBI said accepting such deposits is now punishable and if depositors give money, they would be doing so at their own risk. 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 … RBI rejects Muthoot Finance's plan to buy IDBI AMC. RBI Rejects Muthoot Finances Proposal To Acquire IDBI MF Trending Now! All rights reserved. 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. 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. Mamata Banerjee slams BJP, calls it 'dacoits' party. 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. 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. 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. 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. Muthoot Finance had proposed to purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore. Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. Banks risk-averse towards unsecured loans. 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. 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RBI has rejected Muthoot Finance's proposal to acquire IDBI AMC. Muthoot Finance’s request for a no objection certificate to acquire IDBI Capital Markets & Securities, IDBI Trustee and IDBI Asset Management has not been approved by RBI on the grounds 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. Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. Presently, he is the National Executive Committee Member of FICCI and also Chairman of FICCI’s Kerala State Council. 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. 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. 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 The regulator told the Gold Loan Company that the activity of sponsoring mutual funds or operating an asset management company is not commensurate […] 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. "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. (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 Watch the full interview with George Alexander Muthoot, MD, Muthoot Finance on The Market here. "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. Experience cleaner site with zero ads and faster load times. 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. Total income stood at Rs.1062 crs and at Rs.2154crs respectively. Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … 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! Copyright © 2020, THG PUBLISHING PVT LTD. 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Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. 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. 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. 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 Also read: Muthoot Finance posts 4% rise in Q2 net profit. 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. 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. Shri M.G. 26 November, 2020. The RBI said accepting such deposits is now punishable and if … 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. 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 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 Also read: All you wanted to know about loan-to-value ratio. This was subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India (Sebi) and other regulators. 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