Case Brief
What Happened
RBI, by order dated March 09, 2026, imposed a monetary penalty on Manappuram Finance Limited after a statutory inspection and subsequent supervisory proceedings. The RBI found that the company had violated directions relating to ‘Guidelines on Compensation of Key Managerial Personnel - Deferral of variable pay’ by paying the entire variable pay upfront to certain Key Managerial Personnel without any deferment. The penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934.