The Reserve Bank of India (RBI) has slapped a fine of Rs 20 lakh on Manappuram Finance for non-compliance with norms.

The RBI conducted a statutory inspection of the company with reference to its financial position as of 31 March 2023.

The penalty was imposed for failing to undertake customer PAN verification at the time of customer acceptance and for allotting multiple identification codes to some customers instead of a Unique Customer Identification Code (UCIC) for each customer.