Recorded RBI impact
Fine: Rs 31,000
Monetary penalty · Fresh imposition
Published by RBI
6 Mar 2026
Case Brief
By an order dated February 27, 2026, RBI imposed a monetary penalty of Rs 3.10 lakh on Maanaveeya Development & Finance Private Limited. The action was taken because the company failed to obtain prior written permission from RBI before appointing a director, which resulted in a change in management through change in more than 30% of its directors, excluding independent directors. RBI said the penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934, after issuing a show-cause notice and considering the company's reply and oral submissions.
Why RBI Acted
RBI imposed a monetary penalty under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934, after finding that the company had not obtained prior written permission from RBI before appointing a director. The appointment resulted in a change in management because more than 30% of its directors, excluding independent directors, changed. The penalty followed a show-cause notice and consideration of the company's reply and oral submissions.
Operating Impact
The company must absorb the monetary penalty and remain mindful of RBI’s governance requirements for director appointments and management changes. The order does not invalidate customer transactions, but RBI noted that further action may still be initiated separately.
Regulatory Basis
- section 58G(1)(b)
- section 58B(5)(aa)
- Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- Fine: Rs 31,000
- Order Date
- 27 Feb 2026
- Effective From
- 27 Feb 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC