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Last Update: Mon, May 21, 2012 7:36 AM IST (2:06 AM GMT)
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Mumbai: Indian gold loan financier Manappuram Finance Ltd will separate operations from its promoter MAGRO (Manappuram Agro Farms) by May 10, 2012 in response to the Reserve Bank of India's (RBI) recent notification, warning the company of wrongfully accepting deposits under the promoter entity's name.
“The operations of Manappuram Finance will be separated from MAGRO by May 10 and the process has already started from February 10,” Managing Director I Unnikrishnan told the Press Trust of India earlier Sunday.
The company is currently working on some procedural issues, he added.
Earlier this month, RBI had issued the notification to the gold loan financier, saying that the company is not allowed to accept or renew deposits from the public as it had given up its license to take deposits in March 2011.
Manappuram Finance was registered with the central bank as a deposit taking non-banking financial company. However, it became a non-deposit taking non-banking financial company with effect from March 22, 2011.
Following the RBI's notification, Manappuram Finance's board had directed the company to address concerns raised by the RBI and to take immediate steps to separate itself from the activities of other entities either owned or controlled by the financier's Executive Chairman V P Nandakumar or his family.
Further, the board had also decided to form an independent panel to review various aspects of the company's operations, systems, controls and organization structure, including the composition of the board and its effectiveness.
Established in 1992, Manappuram Finance has more than 2,500 branches across 22 states pan-India. Its assets under management (AUM) exceed Rs 100 billion and it has a workforce of about 18,000, catering to around 1.2 million people.
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