RBI Imposes ₹3.10 Lakh Penalty on Maanaveeya Development & Finance for Governance Lapses
Moneylife Digital Team 09 March 2026
Reserve Bank of India (RBI) has imposed a penalty of ₹3.10 lakh on Telangana-based Maanaveeya Development & Finance Pvt Ltd, a non-banking financial company (NBFC), for non-compliance with certain RBI directions related to governance.
 
According to RBI, the irregularities were detected during its statutory inspection of the NBFC. The inspection revealed that the company had appointed a director without obtaining prior written approval from the central bank. This appointment resulted in a change in the company’s management structure, as more than 30% of its directors, excluding independent directors, were replaced without the required permission from RBI.
 
After reviewing the NBFC’s written response and oral submissions made during a personal hearing, RBI concluded that the violation of its directions had been substantiated and warranted the imposition of a monetary penalty.
 
RBI says the penalty imposed on Maanaveeya Development & Finance is based on deficiencies in regulatory compliance and is not intended to pronounce on the validity of any transaction or agreement entered by the banks with their customers.
 
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