India, March 9 -- The Reserve Bank of India (RBI), through an order dated February 27, 2026, has imposed a monetary penalty of Rs 3.10 lakh on Maanaveeya Development & Finance Private Limited for non-compliance with certain RBI directions related to governance. The penalty was levied under the powers granted to the RBI under Sections 58G(1)(b) and 58B(5)(aa) of the Reserve Bank of India Act, 1934.
The violation came to light during correspondence regarding the intimation of a director's appointment, which revealed non-compliance with RBI's regulatory directions. Subsequently, the central bank issued a show-cause notice to the company, asking why a penalty should not be imposed for the lapse.
After reviewing the company's written response ...