Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. Rise in gold prices aiding demand for retail gold loans. Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. RBI''s targeted long-term ... for industry," said George Alexander Muthoot, MD, Muthoot Finance. 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. Muthoot Finance informed the exchanges that its request for a no-objection certificate was not acceded to by the RBI on the ground that, “The activity of sponsoring a mutual fund or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC).” 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. “After considering the company’s reply to the notice, oral submissions made during the personal hearings and examination of additional submissions made by it, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the statement said. 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. Shri M.G. 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 Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. Muthoot Finance Ltd, the largest gold financing company in India in terms of loan portfolio, declared a net profit of Rs.171crs in the second quarter of FY15 and Rs.351crs for the half year ended FY15. The RBI had issued a show cause notice, heard the company out and decided to levy the penalty. MUMBAI : The Reserve Bank of India (RBI) has not cleared a proposal by Muthoot Finance Ltd to buy IDBI Asset Management Ltd and IDBI MF Trustee … Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. The RBI said accepting such deposits is now punishable and if … Haqikat kya hai : who is infiltrating the farmers agitation ? Mamata Banerjee slams BJP, calls it 'dacoits' party. 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. And it has every reason to smile. 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. George Muthoot was declared the 26 th Richest Indian and the Richest Malayalee in India by Forbes Asia Magazine, 2020. 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 … 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. RBI turns down proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business. 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 under the activity of an operating NBFC. Banks risk-averse towards unsecured loans. Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … Presently, he is the National Executive Committee Member of FICCI and also Chairman of FICCI’s Kerala State Council. 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 … Mumbai, Nov 20 (PTI) The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, Sodexo and PhonePe, for violating regulatory guidelines. In the case of Muthoot Finance, RBI said the penalty is for non-compliance with directions on maintenance of Loan to Value (LTV) ratio in gold loans and on obtaining copy of PAN (Permanent Account Number) card of the borrower while granting loans in excess of ₹5 lakh. 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 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 (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 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 Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. You have reached your weekly free article limit. RBI has rejected Muthoot Finance's proposal to acquire IDBI AMC. RBI said it issued a notice to the company to show cause as to why penalty should not be imposed for failure to comply with RBI directions. "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. © 2009-2020 Independent News Service. 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 Czech novelist looms large over the city he barely ever mentioned in his writings, How young businesses grabbed shelf and mind space during the pandemic, Wondrlab founder Saurabh Varma explains why and how his business will be driven by tech platforms, Defined by worry, 2020 also threw up newer consumer needs and, in turn, marketing opportunities. 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