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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 central bank has penalised Muthoot Finance Limited for non-compliance with directions issued by RBI on maintenance of loan-to-value ratio in gold loans and on obtaining copy of PAN card … 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. Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. 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. The non-bank financier said in a regulatory filing on Tuesday that the central bank has conveyed to them that “the activity of sponsoring a mutual fund or owning an … 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 .. India TV 24/11/2020 09:50:52 PM Share: 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. Shri M. G. George Muthoot has been honoured with many prestigious awards. 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. 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 … 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. RBI Rejects Muthoot Finances Proposal To Acquire IDBI MF Trending Now! 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. 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. 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. 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. Copyright © 2020, THG PUBLISHING PVT LTD. 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The regulator told the Gold Loan Company that the activity of sponsoring mutual funds or operating an asset management company is not commensurate […] 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, … 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. 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. Shri M.G. 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rbi has declared muthoot finance as