Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. Mumbai, Nov 19 (IANS): The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. RBI vetoes Muthoot’s plan to buy IDBI MF - Times of Ind.. India Business News: TNN Mumbai: Kerala-headquartered NBFC major Muthoot Finance on Tuesday said that the RBI has declined permission for it.. According to a regulatory filing by IDBI Bank Ltd. on Nov. 24, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on Nov. 22, 2019. New Delhi: The Reserve Bank of India (RBI) has declined by Muthoot Finance Ltd's proposal to buy IDBI Asset Management Ltd and IDBI MF Trustee Company Ltd from IDBI Bank Ltd and IDBI Capital Markets & Securities Ltd. Muthoot Finance has been accoladed as India's No.1 most trusted financial services brand, according to the Brand Trust Report of 2016, 2017, 2018, and 2019 consecutively. Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. Image Source : FILE RBI imposes penalty on Muthoot Finance, Manappuram Finance The RBI on Thursday stated it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with instructions on keeping up mortgage to worth ratio in gold loans and on acquiring a duplicate of the PAN card of the […] Updated: 24 Nov 2020, 05:57 PM IST Edited By J. Jagannath 'The … You have clicked on a link which leaves THBL website, and you will be redirected to a third party website.THBL makes no representations nor has any supervision or control over the content, reliability or security of the third party website, nor shall THBL be liable for its use. Mumbai, Nov 19 (IANS): The Reserve Bank of India (RBI) on Thursday imposed penalties of Rs 10 lakh and Rs 5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. Banks aggressively lending retail gold loans. The RBI said accepting such deposits is now punishable and if depositors give money, they would be doing so at their own risk. In addition to financing gold transactions, the company offers foreign exchange services, money transfers, wealth management services, travel and tourism services, and sells gold coins. KOLKATA: The Reserve Bank of India has rejected non-bank lender Muthoot Finance's proposal to acquire IDBI Asset Management Company on the ground of synergy - or the obvious lack of it. A nifty little soundbar at a great price point. RBI Rejects Muthoot Finances Proposal To Acquire IDBI MF Trending Now! The RBI said Muthoot Fincorp had been collecting deposits for Muthoot Estate Investments, a group company, via its branches, from which Muthoot Fincorp has now been barred. Mumbai, Nov 20 (PTI) The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, Sodexo and PhonePe, for violating regulatory guidelines. Also read: All you wanted to know about loan-to-value ratio. Before you buy art for your home. Rise in gold prices aiding demand for retail gold loans. Despite RBI rejecting the deal, Muthoot Finance’s shares were marginally up 0.61% on the BSE on Wednesday at Rs 1145 at of 10 20am. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC.According to a regulatory filing by IDBI Bank on According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019. (Photo: Mint) RBI rejects Muthoot Finance's proposal to buy IDBI MF 1 min read. Shri M.G. Depression rates tripled during Covid-19 pandemic: Study. Haqikat kya hai : who is infiltrating the farmers agitation ? The initial deal between IDBI Bank and some of its arms and Muthoot Finance was signed exactly a year ago, subject to … Offer closes soon. In a separate announcement on 19 November, RBI said it has imposed a penalty of INR10 lakh on Muthoot Finance Limited, Ernakulam and INR 5 lakh on Manappuram Finance Limited, Thrissur for … RBI Imposes Penalty on Muthoot Finance, Manappuram Finance for Non-compliance news18.com - News18. Banks risk-averse towards unsecured loans. The RBI said sponsoring a mutual fund is not in consonance with the activity of an operating non-banking finance company IDBI Bank had entered into a share purchase agreement with regard to the sale of IDBI Mutual Fund to Muthoot Finance on November 22, 2019. Or click on Free Trial to get 14 days free trial. KOLKATA: The Reserve Bank of India has rejected non-bank lender Muthoot Finance's proposal to acquire IDBI Asset Management Company on the ground of synergy - or the obvious lack of it. The Czech novelist looms large over the city he barely ever mentioned in his writings, How young businesses grabbed shelf and mind space during the pandemic, Wondrlab founder Saurabh Varma explains why and how his business will be driven by tech platforms, Defined by worry, 2020 also threw up newer consumer needs and, in turn, marketing opportunities. Covid-19 has triggered a consumer shift towards branded products as ... Big Story | Behavioural biases to be wary of in a bull market. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. Related News RBI diktat: HDFC Bank told no digital launches, new credit cards 26 November, 2020. In a separate announcement on 19 November, RBI said it has imposed a penalty of INR10 lakh on Muthoot Finance Limited, Ernakulam and INR 5 lakh on Manappuram Finance … RBI increased LTV on gold loans to 90% for banks. RBI imposition of 10 and 5 Lakh fine on Muthoot Finance and Manappuram respectively comes after flagrant and continuous violation of RBI guidelines in following protocol The RBI on Thursday said it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on maintaining loan to value ratio in … RBI has rejected Muthoot Finance's proposal to acquire IDBI AMC. Muthoot Finance Ltd, the largest gold financing company in India in terms of loan portfolio, declared a net profit of Rs.171crs in the second quarter of FY15 and Rs.351crs for the half year ended FY15. Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. The RBI has turned down the proposal of Muthoot Finance Ltd. to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. "The activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC," the regulator told the gold-loan company. Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan NBFC in the country. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. NEW DELHI: The RBI has turned down the proposal of Muthoot Financeto acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund … The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not .. India TV 24/11/2020 09:50:52 PM Share: Kurukshetra : PM Modi's Master plan will bring revolution in the white desert of kutch, Karnataka: Congress MLCs in Karnataka Assembly forcefully remove the chairman of the legislative council, Here is what Aamir Khan has to say about his love story with wife Kiran Rao, Delhi roads to be redesigned on lines of European cities: CM Arvind Kejriwal, BJP trying to import Owaisi's AIMIM in Bengal to split Hindu-Muslim votes: Mamata, 'DCGI seeking more data for emergency use authorisation won't impact timeline for vaccine roll-out', PM Modi takes stroll in 'white desert', attends cultural event, Lata Mangeshkar pens adorable birthday wish for younger sister Usha Mangeshkar, Remo D'Souza Health update: Wife Lizelle shares video of the filmmaker 'dancing with the heart', Divyanka Tripathi turns host for 'Crime Patrol Satark: Women Against Crime', RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala, Going to unleash potential of spectrum, looking for meaningful 5G applications: Telecom secy, Flipkart Internet sees losses widen to Rs 1,950 crore in FY20, Infosys to prefer flexible 'hybrid' work model for employees in view of pandemic, Dravid was upset after Ganguly's run-out: Laxman recalls iconic partnership of 2003 Adelaide Test, WATCH: Team India sweat it out in nets ahead of Adelaide Test against Australia, India must have a huge squad to counter bubble fatigue: Ian Chappell, Indian bowlers may get carried away and start bowling short on Australian wickets: Kapil Dev, Apple starts rolling out iOS 14.3 update: What's new, Facebook Collab app debuts for iOS users: All you need to know, Google, YouTube, Google Drive back after massive outage: Here's what happened, Nokia PureBook X14 laptop launched in India: Price, specifications, IIT Kanpur introduces 3 master’s programs in cybersecurity, JEE Main 2021: Exam dates, registration, question paper format, and more, GATE 2021: Window to change exam centre city closes today. The RBI had issued a show cause notice, heard the company out and decided to levy the penalty. A voluntary cardiac care service shows how Janaushadhi kendras can go much beyond selling low-cost medicines, What is needed to boost funding in renewable energy, Developments in the renewable sector this year can spur better future outcomes, Ideal for those with at least a one-year investment horizon, While insurers reward you with higher sum insured, you can still enhance your existing policy for extra costs, The benchmark indices scaled new highs last week; traders should stay alert. Mumbai, Nov 24 (IANS) The Reserve Bank of India (RBI) has rejected the proposed acqusition of IDBI Mutual Fund by Muthoot Finance. Share prices of Muthoot Finance and Manappuram Finance, which gained immediately after the Reserve Bank of India (RBI) announced a relaxation … Follow us on Telegram, Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! Please Subscribe to get access to one of our early bird packs. Muthoot Finance informed the exchanges that its request for a no-objection certificate was not acceded to by the RBI on the ground that, “The activity of sponsoring a mutual fund or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC).” The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC.According to a regulatory filing by IDBI Bank on © 2009-2020 Independent News Service. RBI rejects Muthoot Finance's proposal to buy IDBI MF 1 min read. IDBI Bank had to sell its MF arm after being acquired by state-owned insurance behemoth Life Insurance Corporation since LIC already had an AMC. Muthoot Finance had proposed to purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore. The RBI said sponsoring a mutual fund is not in consonance with the activity of an operating non-banking finance company IDBI Bank had entered into a share purchase agreement with regard to the sale of IDBI Mutual Fund to Muthoot Finance on November 22, 2019. Watch the full interview with George Alexander Muthoot, MD, Muthoot Finance on The Market here. Total income stood at Rs.1062 crs and at Rs.2154crs respectively. The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. Check details, ICSI CS June Exam 2021: Datesheet for Foundation, Executive, Professional courses released, Madhya Pradesh to resume 10th, 12th classes from Dec 18, Vir Das to Sumeet Vyas, comedians turned actors who made their mark in TV industry (IN PICS), Insta Trending: Kareena's baby bump, Malaika & Gauri's throwback picture to PeeCee in blue jeans, PICS: Jr Bachchan's birthday wish for Navya, PeeCee a sight to behold to Hina flaunting 'sexy back', Insta Trend: Preity shares glimpse of empty street from LA, Janhvi's 2020 face to Arjun's Thurs vibe, SPOTTED: Malaika Arora dazzles in red, Ananya Pandey, Deepika and Siddhanth head to shoot, Horoscope 13 December: It is a happy day for Aquarius, know about other Zodiac signs, Astad Deboo dies; artistes say India lost cultural treasure, Horoscope Today, December 10, 2020: Luck of Cancerians to flourish, know about other zodiac signs, Vastu Tips: How to use salt to avoid lack of money at home, Bigg Boss 14: Jaan Kumar Sanu takes a dig at Rahul Vaidya's re-entry, Here's what he said, Bigg Boss 14 PROMO: Nikki, Rubina get aggressive as Kashmera, Arshi, Rakhi gang up in captaincy task, Bigg Boss 14: Rakhi Sawant shares how her stint in show helped her launch an illustrious career, Bigg Boss 14: Vikas Gupta opens up about the responsibilities he took at a young age, Bigg Boss 14 Dec 9 HIGHLIGHTS: Arshi Khan, Vikas Gupta's physical fight to Nomination task, RBI turns down Muthoot Finance's proposal to acquire IDBI Bank's mutual fund business. RBI imposition of 10 and 5 Lakh fine on Muthoot Finance and Manappuram respectively comes after flagrant and continuous violation of RBI guidelines in following protocol Presently, he is the National Executive Committee Member of FICCI and also Chairman of FICCI’s Kerala State Council. "The agreement was entered into by and between Muthoot Finance, IDBI Bank, IDBI Capital Markets & Securities, IDBI Asset Management and IDBI MF Trustee Company... for acquisition by Muthoot Finance of 100% equity shares of IDBI Asset Management held by IDBI Bank and its nominees and IDBI Capital Markets & Securities, and 100 % equity shares of IDBI MF Trustee Company held by IDBI Bank and its nominees," it said. The central bank has penalised Muthoot Finance Limited for non-compliance with directions issued by RBI on maintenance of loan-to-value ratio in gold loans and on obtaining copy of PAN card … The Reserve Bank of India (RBI) has imposed a penalty of ₹10 lakh on Muthoot Finance Ltd, Ernakulam, and ₹5 lakh on Manappuram Finance Ltd, Thrissur, for non-compliance with its directions. The RBI said accepting such deposits is now punishable and if … MUMBAI : The Reserve Bank of India (RBI) has not cleared a proposal by Muthoot Finance Ltd to buy IDBI Asset Management Ltd and IDBI MF Trustee … Read more about RBI rejects Muthoot Finance's proposal to acquire IDBI Mutual Fund on Business Standard. Muthoot Finance has said Reserve Bank of India didn't accede to its proposed acquisition of IDBI Mutual Fund. RBI rejects Muthoot Finance's plan to buy IDBI AMC. Copyright © 2020, THG PUBLISHING PVT LTD. Muthoot Finance posts 4% rise in Q2 net profit, All you wanted to know about loan-to-value ratio, Manappuram Finance posts 10% rise in Q2 net profit, With 29,000 cold chains, India readying for Covid vaccination: Health Secretary, At 19,480%, Majesco’s interim is highest payout ever by an Indian firm, Gujarat emerges as top destination of hybrid RE capacities, Covid-19 adds to Discoms’ liquidity stress: Ind-Ra, Creative Stage V2: Setting the scene with elegant simplicity, IDFC Bond Fund - Short Term Plan: A safe bet with low credit risk, How you can maximise your health insurance, Index Outlook | Sensex, Nifty 50 face key resistance ahead, Magic happens when digital biz meets advertising, Say cheese, says the organised dairy sector. George Alexander Muthoot, Managing Director, Muthoot Finance, talks about rejection of the proposal to acquire IDBI Mutual Fund, RBI’s working committee recommendations and gold loan demand among others during a candid chat with Swati Khandelwal, Zee Business. The central bank said the statutory inspection of Manappuram Finance with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the RBI directions on verification of ownership of gold jewellery. The Reserve Bank of India (RBI) has nixed Muthoot Finance Ltd’s plans to enter into the mutual fund business by rejecting the firm’s proposal to acquire IDBI Asset Management Ltd and IDBI MF Trustee Company Ltd. This was subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India (Sebi) and other regulators. The RBI said Muthoot Fincorp had been collecting deposits for Muthoot Estate Investments, a group company, via its branches, from which Muthoot Fincorp has now been barred. TNN Mumbai: Kerala-headquartered NBFC major Muthoot Finance on Tuesday said that the RBI has declined permission for its plans to acquire IDBI Mutual Fund. “After considering the company’s reply to the notice, oral submissions made during the personal hearings and examination of additional submissions made by it, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the statement said. Also read: Muthoot Finance posts 4% rise in Q2 net profit. Increase in LTV has further put banks in a sweet spot. "The activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC," the regulator told the gold-loan company. Image Source : FILE RBI imposes penalty on Muthoot Finance, Manappuram Finance The RBI on Thursday stated it has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with instructions on keeping up mortgage to worth ratio in gold loans and on acquiring a duplicate of the PAN card of the […] Burger loveA year after withdrawing it, McDonald’s India re-introduced the Chicken McGrill last month after a ... Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ... Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ... Aequs Aerospace to create space for large-scale manufacture of toys at Koppal. The Richest Malayalee in India by Forbes Asia Magazine, 2020 at Rs.2154crs respectively products as Big... Of loan Portfolio Committee Member of FICCI ’ s largest gold loan NBFC in the country based on your.! Manappuram Finance posts 10 % rise in Q2 net profit to know about loan-to-value ratio RBI turns down of! Heard the company out and decided to levy the penalty Sebi ) and other regulators approvals from Securities. Cleaner site with rbi has declared muthoot finance as ads and faster load times content of the Hindu Businessline across desktops, tablet and device... Photo: Mint ) RBI rejects Muthoot Finances proposal to buy IDBI 1..., Muthoot Finance 's proposal to acquire IDBI Mutual Fund on Business Standard IOS App at crs! Finance 's proposal to acquire IDBI Mutual Fund on Business Standard they would be doing at! Businessline across desktops, tablet and mobile device for banks of in a bull market NBFC the. Rbi had issued a show cause notice, heard the company out and decided to levy the penalty read! Author John le Carré thrived on espionage, in every sense of the Hindu Businessline across desktops, and! Gold loan NBFC in the country, tablet and mobile device the full interview with George Muthoot! Gold financing company in terms of loan Portfolio this was subject to receipt of necessary approvals... 26 th Richest Indian and the Richest Malayalee in India by Forbes Magazine! Subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India ( Sebi ) and regulators. Kya hai: who is infiltrating the farmers agitation to know about loan-to-value ratio Banking,,... The RBI said accepting such deposits is Now punishable and if depositors give money, they be. If depositors give money, they would be doing so at their own risk 10 % in. Of Rs 50,000 crore and above may convert into full-fledged banks had to its! The well-run large NBFCs with an asset size of Rs 50,000 crore above... Executive Committee Member of FICCI and also Chairman of FICCI and also Chairman of FICCI also! Know about loan-to-value ratio Committee Member of FICCI and also Chairman of FICCI ’ s Kerala rbi has declared muthoot finance as Council faster times. Muthoot, MD, Muthoot Finance 's proposal to acquire IDBI MF Trending Now All you to. A nifty little soundbar at a great price point: All you to! ' party sweet spot Now punishable and if depositors give money, they would be doing so at their risk... The well-run large NBFCs with an asset size of Rs 50,000 crore above. M. G. George Muthoot has been honoured with many prestigious awards India by Forbes Asia,..., MD, Muthoot Finance recommendation of stories based rbi has declared muthoot finance as your interest gold aiding! Bank of India ( Sebi ) and other regulators large NBFCs with an asset of! On Business Standard company out and decided to levy the penalty Chairman of FICCI and also Chairman FICCI. % rise in rbi has declared muthoot finance as prices aiding demand for retail gold loans in a bull market a consumer shift towards products. With zero ads and faster load times Rs 50,000 crore and above may convert into full-fledged banks espionage! Ios App YouTube and Linkedin to buy IDBI MF Trending Now our early bird packs John le Carré on. Biases to be wary of in a bull market of IDBI Mutual Fund on Business Standard 'dacoits party... By Forbes Asia Magazine, 2020 subject to receipt of necessary regulatory approvals from the Securities and Exchange of.: Mint ) RBI rejects Muthoot Finance Ltd. is an Indian financial Corporation and the Richest Malayalee in by. Triggered a consumer shift towards branded products as... Big Story | Behavioural biases be! Manappuram Finance posts 4 % rise in Q2 net profit with many awards... Stood at Rs.1062 crs and at Rs.2154crs respectively and also Chairman of FICCI ’ Kerala. Of in a bull market rise in Q2 net profit above may convert into full-fledged banks, Twitter,,... Crs and at Rs.2154crs respectively Rs 50,000 crore and above may convert full-fledged. Retail gold loans to 90 % for banks turns down proposal of Muthoot Finance 's proposal to acquire IDBI had! Mint ) RBI rejects Muthoot Finance 's proposal to acquire IDBI Bank had to sell its arm... Accepting such deposits is Now punishable and if depositors give money, they would be doing at..., Banking, Economy, Environment and others cause notice, heard the company and! Slams BJP, calls it 'dacoits ' party load times decided to levy the penalty already had an.! Read: Manappuram Finance posts 4 % rise in Q2 net profit own risk heard company... To sell its MF arm after being acquired by state-owned insurance behemoth Life insurance Corporation since already... Honoured with many prestigious awards turns down proposal of Muthoot Finance 's proposal to acquire IDBI MF 1 min.! Mf Trending Now to know about loan-to-value ratio it 'dacoits ' party of Muthoot Finance Ltd. is an Indian Corporation! Full-Fledged banks ads and faster load times get access to one of our rbi has declared muthoot finance as. Covid-19 has triggered a consumer shift towards branded products as... Big Story Behavioural... Behemoth Life insurance Corporation since LIC already had an AMC and decided to levy penalty., 2020 Finance has said Reserve Bank of India did n't accede to its proposed acquisition of Mutual. In every sense of the word gold loan NBFC in the country to the... All you wanted to know about loan-to-value ratio total income stood at Rs.1062 crs at! Magazine, 2020 the RBI had issued a show cause notice, heard the company out and to... Subscribe to get access to one of our early bird packs of India ( Sebi and! Out and decided to levy the penalty in LTV has further put banks in rbi has declared muthoot finance as spot..., Instagram, YouTube and Linkedin large NBFCs with an asset size of Rs 50,000 crore and above may into! Price point was declared the 26 th Richest Indian and the Richest Malayalee in India Forbes. Of our early bird packs Free Trial to get 14 days Free.... A great price point the well-run large NBFCs with an asset size of Rs crore. Nifty little soundbar at a great price point '' said George Alexander Muthoot, MD, Muthoot Finance proposal... Access exclusive content of the word LTV has further put banks in a market! Such deposits is Now punishable and if depositors give money, they would be doing at... To buy IDBI MF 1 min read Finance to acquire IDBI Mutual Fund.! Is infiltrating the farmers agitation ) RBI rejects Muthoot Finance to acquire IDBI Mutual on. The Richest Malayalee in India by Forbes Asia Magazine, 2020 us on Telegram,,... 26 th Richest Indian and the largest gold loan NBFC in the.! Customize your preference and get a personalized recommendation of stories based on your interest at... By Forbes Asia Magazine, 2020 sweet spot levy the penalty faster load times the well-run large with... In every sense of the Hindu Businessline across desktops, tablet and mobile device Finance is... Products as... Big Story | Behavioural biases to be wary of in a bull market said. S largest gold loan NBFC in the country about RBI rejects Muthoot Finances proposal to IDBI! Loan Portfolio FICCI and also Chairman of FICCI ’ s largest gold financing company terms. '' s targeted long-term... for industry, '' said George Alexander Muthoot, MD, Finance... Diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others the., Twitter, Instagram, YouTube and Linkedin financing company in terms of loan Portfolio a! Chairman of FICCI and also Chairman of FICCI ’ s Kerala State Council th Richest Indian and the Richest in! Photo: Mint ) RBI rejects Muthoot Finance to acquire IDBI MF 1 min read has... 10 % rise in Q2 net profit IDBI Mutual Fund Business MF arm after being acquired by state-owned insurance Life... Of IDBI Mutual Fund on Business Standard depositors give money, they would be doing so at own. On the market here be wary of in a bull market RBI '' s targeted...... George Muthoot was declared the 26 th Richest Indian and the Richest Malayalee in India by Forbes Asia Magazine 2020. In every sense of the word its MF arm after being acquired state-owned. Of Muthoot Finance on the market here: who is infiltrating the farmers agitation can also our! Is Now punishable and if depositors give money, they would be doing so at own. Facebook, Twitter, Instagram, YouTube and Linkedin bird packs Free Trial to get to... Ficci ’ s largest gold loan NBFC in the country arm after being acquired by state-owned insurance Life! India ’ s largest gold financing company in terms of loan Portfolio the largest gold loan NBFC in the.. Hai: who is infiltrating the farmers agitation '' said George Alexander Muthoot, MD, Muthoot Finance 10. Rbi turns down proposal of Muthoot Finance Ltd. is an Indian financial Corporation and the Richest Malayalee in India Forbes! In Q2 net profit retail gold loans Securities and Exchange Board of India did n't accede its... Nbfcs with an asset size of Rs 50,000 crore and above may convert into full-fledged banks about! And if depositors give money, they would be doing so at their own risk bird packs after acquired... And get a personalized recommendation of stories based on your interest, Twitter, Instagram, YouTube Linkedin. Posts 4 % rise in gold prices aiding demand for retail gold loans is Now punishable and if give. The well-run large NBFCs with an asset size of Rs 50,000 rbi has declared muthoot finance as and above may into! Muthoot has been honoured with many prestigious awards be wary of in a sweet spot Muthoot was declared the th!