India, March 16 -- Reserve Bank of India has imposed a monetary penalty of Rs 2.70 lakh on Manappuram Finance Limited for non-compliance with RBI directions on compensation of Key Managerial Personnel (KMP).
The penalty, imposed through an order dated March 9, 2026, relates to guidelines on deferral of variable pay for KMPs. RBI said the company had paid the entire variable pay upfront to certain key managerial personnel without any deferment, in violation of the regulatory norms.
The action follows RBI's statutory inspection of the company based on its financial position as of March 31, 2025. After reviewing the company's response to a show-cause notice and oral submissions during a personal hearing, the central bank concluded that the c...