MUMBAI, India, Aug. 14 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated August 14, 2026, imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on Muthoot MCred Limited (Formerly Known as Muthoottu Mini Financiers Limited) (the company) for non-compliance with certain provisions of the directions issued by RBI on 'Asset Classification'. This penalty has been imposed in exercise of powers conferred on RBI under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Based on supervisory findi...