The Reserve Bank of India (RBI) on Tuesday ordered the Manappuram Finance not to accept/renew deposits from the public. It also warned the people over investing their money in Manappuram Finance and Manappuram Agro Farms (MAGRO), saying do it at your own risk.
The Manappuram Finance was registered with the RBI as a non-deposit taking non-banking financial company on March 22, 2011.
Under the RBI act of 1934, Manappuram Finance and its group company MAGRO were not permitted to collect or renew deposits from the people.
However, Manappuram Finance has been accepting deposits in all its branches and issuing the deposit receipt in the name of Manappuram Agro Farms, which is said to be illegal and punishable with imprisonment.
Some of the top film stars(Venkatesh, Akshay Kumar, Vikram, Mohanlal etc) in the Country were roped in by the company as its brand ambassadors. The credibility of all these big names is at stake now. What would they do to save the people who trusted them and deposited in the company? Will they take the responsibility? Hope So!
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