Case Brief
What Happened
RBI imposed a monetary penalty of ₹7,90,000 on Muthoot Vehicle & Asset Finance Limited by order dated September 11, 2024. The penalty followed a statutory inspection with reference to the company’s financial position as on March 31, 2022, and subsequent supervisory findings of non-compliance with RBI directions. RBI concluded that the company had failed to disclose its Liquidity Coverage Ratio on its website, had not submitted gold-loan customer data to the four Credit Information Companies, and had not conveyed the amount of loan sanctioned together with the terms and conditions in vernacular language to vehicle loan borrowers by sanction letter or otherwise. The penalty was imposed under the RBI Act, 1934 and the Credit Information Companies (Regulation) Act, 2005.