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Bar on Manappuram Finance to Accept/Renew Depos

THIRUVANANTHAPURAM: The Reserve Bank of India (RBI) has classified Manappuram Finance Limited, Thrissur, earlier known as Manappuram General Finance and Leasing Ltd, as a non-deposit taking, N

Published: 03rd February 2012 06:12 AM  |   Last Updated: 16th May 2012 05:48 PM   |  A+A-

THIRUVANANTHAPURAM: The Reserve Bank of India (RBI) has classified Manappuram Finance Limited, Thrissur, earlier known as Manappuram General Finance and Leasing Ltd, as a non-deposit taking, Non-Banking Financial Company from March, 2011.

 A press note issued by the RBI underscored that owing to the classification, the company is not permitted under the RBI Act, 1934, to accept/renew deposits from the public. Anyone remitting or renewing deposits with the company shall be doing it at their own risk, the press note said. Manappuram is a premier gold loan advancing firm with hundreds of branches across the state and outside.                             



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