Manappuram Finance warned off deposits

Cracking the whip on the illegal activities of gold loan companies, the Reserve Bank of India (RBI) on Monday asked Manappuram Finance Limited, a leading financial services firm that provides loans using gold as collateral, not to accept or renew deposits from the public. The RBI has stated that “acceptance of deposits either by Manappuram Finance or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment and has cautioned members of public that those who deposit money with Manappuram Finance or MAGRO do so at their own risk”.


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