Manappuram Finance Banned From Taking Public Deposits
February 8, 2012 Mumbai: The Reserve Bank of India to take public deposits as it acts as a lender for your license is a violation of the rules governing an asuchigat group company with finance and MANAPPURAM were banned.
The lender as collateral, which provides them with a wealth of gold deposits which matured too has been directed to renew, Reserve Bank of India said in a statement.
The Reserve Bank said that either finance or by agricultural farm MANAPPURAM approval is punishable with imprisonment, and public members cautioned that the MANAPPURAM finance or their deposit money, MAGRO with themselves at risk to do so, '' the Reserve Bank said in the statement.
MANAPPURAM finance company takes a deposit, a deposit into one in March 2011. But it sustained to take a deposit from persons and promoting their funds in the company also farming, although it has been through the sale of bonds to raise money. The company has a maturities over 12-13% in January between 1000 crore via bonds raised.
Nanda kumar, MANAPPURAM finance, MANAPPURAM farm ", Vice President Finance-related. But now that we understand that the RBI has to submit the form of agriculture, we are not happy with it. “MANAPPURAM Group Chairman said.
"Mannapuram finance after declassification and not accept any public deposit form Mannapuram farm, a proprietary concern is my understanding that there is no law which firm agricultural and allied activities to mobilize public deposit is engaged in bars."
Deposit and non-deposit taking nonbanking finance company are the difference between nbfcs take deposits, and statutory liquidity ratio for prudential norms (SLR), where some amount of Reserve Bank of India recommending bonds be purchased for which are applied to noncomplying with the nbfcs take deposits.
The Central Bank on deposit in the 1990s after scores of companies pick up its rules tightened stomach finance companies were losing hundreds of millions of rupees to depositors. It has a number of measures, and to submit those public funds, including capital management.
Last year investors preferred to lend gold against or have been doing this as it continued to rise in gold prices with the safest forms of debt are seen as. Merrill Lynch capital markets, investment holdings and udbilav International Colombia Acorn, bearing a private equity firm as investors at stake.
Private equity investor Sequoia Capital in 2010, five times the company quit making a comeback. VC firm in 2007 to invest $ 140 million 14%. It's $ 70 million on exit.
It has outstanding debts of 12,500 crores. The company's 9 million with the Punjab National Bank deposits lying unclaimed.
India gold loan market size was 50,000 crore in 2010-11 year. Organized gold market has been in the past eight years minus 40% report increased at an average of iMacs. 31% and 2.3% in 2011 gold this year are appreciated.
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