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RBI fines Muthoot Finance ₹5.80 lakh for KYC lapses

Source: Reserve Bank of India · Press Release prid 63176 · ~1 min read

RBI imposed a ₹5.80 lakh penalty on Muthoot Finance for failing to periodically review customer risk categorisation and lacking robust software to detect and report suspicious transactions, violating KYC norms.

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Official RBI source: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63176 — summary by BankPulse (bankpulse.ai).
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