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For non-compliance with regulatory requirements, which of the following Central government regulatory body has cancelled the authorization certificates of Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services Private Ltd for non-compliance with regulatory requirements in January 2022?

For non-compliance with regulatory requirements, which of the following Central government regulatory body has cancelled the authorization certificates of Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services Private Ltd for non-compliance with regulatory requirements in January 2022? Correct Answer  Reserve Bank of India (RBI)

The correct answer is the Reserve Bank of India (RBI).

Key Points

  • RBI has cancelled the authorization certificates of Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services Private Ltd for non-compliance with regulatory requirements.
  • Both the Payment System Operators (PSOs) had authorization for the issuance and operation of prepaid payment instruments (PPI).
  • The Certificate of Authorisation (CoA) was cancelled on December 31, 2021.

Additional Information

  • Important Current Affairs based on Reserve Bank of India (RBI) and Other Regulatory Bodies in 20221-22:
  • In December 2021, the Reserve Bank of India (RBI) has allowed Corporate-promoted Non-Banking Financial Companies (NBFC) to hold a stake in commercial banks.
  • To put restrictions on para-banks whenever vital financial metrics dip below the prescribed threshold, the Reserve Bank of India (RBI) has introduced a prompt corrective action (PCA) framework for large non-banking financial companies (NBFCs) with effect from October 2022.
    • RBI 25th Governor: Shaktikanta Das;
    • RBI Headquarters: Mumbai;
    • RBI Founded: 1 April 1935, Kolkata.
  • Aarati Krishnan has been inducted as a member of the Securities & Exchange Board of India’s Advisory Committee on Mutual Funds.

Important Points

  • The Securities and Exchange Board of India (SEBI) has constituted a four-member “high powered advisory committee on settlement orders.
  • Securities and Exchange Board of India:
    • Founded: 12 April 1992.
    • Headquarters: Mumbai.
    • Agency executive: Ajay Tyagi.
  • The Life Insurance Corporation of India has launched a new non-linked, non-participating, individual savings life insurance plan called Dhan Rekha.
  • It offers special premium rates for female lives in December 2021.
  • Insurance Regulatory Development Authority of India:
    • Founded in: 1999
    • Headquarters: Hyderabad
    • Chairperson: Subhash Chandra Khuntia
  • Life Insurance Corporation of India (LIC) has received approval from the Reserve Bank of India to increase its stake to 9.99 percent in IndusInd Bank of the total issued and paid-up capital of the private sector lender in December 2021.
  • The Reserve Bank of India (RBI) has given its approval to Life Insurance Corporation (LIC) to raise its stake in private lender Kotak Mahindra Bank to 9.99 percent in December 2021.

Related Questions

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