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Manappuram Raising Deposits Illegally: RBI

published by malanewsreporter on Tue, 02/07/2012 - 21:54

TNN | Feb 7, 2012

Mumbai: The Reserve Bank of India (RBI) has issued a warning to the general public against placing deposits with Manappuram Finance or a group company. The central bank has said that acceptance of deposits either by Manappuram Finance or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment.

RBI Cautions Manappuram

published by malanewsreporter on Mon, 02/06/2012 - 09:55

Mumbai, Feb. 6:

The RBI on Monday said it has come across instances of acceptance of deposits by Kerala Based Manappuram Finance even after the firm converted itself into a nondeposit taking non-banking financial company, cautioning it was not permitted to do so.