Mumbai, July 17: The Reserve Bank of India (RBI) has imposed monetary penalties on Muthoot Finance Limited as well as Muthoot Vehicle and Asset Finance Limited for non-compliance with the central bank’s Know Your Customer (KYC) directions.

The RBI has imposed a penalty of Rs 5.80 lakh on Muthoot Finance Limited and Rs 2.70 lakh on Muthoot Vehicle and Asset Finance Limited for the breach of its regulations, according to a statement issued on Friday.

The RBI said that it carried out statutory inspection of Muthoot Finance Limited with reference to its financial position as on March 31, 2025.

Based on the supervisory findings of noncompliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions.

After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI concluded that the company failed to put in place a system of periodic review of risk categorisation of accounts; and it also failed to put in place a robust software for effective identification and reporting of suspicious transactions.

In the case of Muthoot Vehicle and Asset Finance Limited also, the RBI conducted a statutory inspection of the company.

Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions.

After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the company failed to put in place a system of periodic review of risk categorisation of accounts, with such periodicity being at least once in six months.

According to the RBI, the action in both cases is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the companies with their customers.

The imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the companies, the RBI said.

Mumbai, July 17: In a significant breakthrough in a transnational smuggling racket, the Directorate of Revenue Intelligence (DRI) busted an international gold smuggling syndicate and arrested six people, including three Filipinos, officials said on Friday.

The syndicate was allegedly being run with the connivance of private persons working at the airport premises, officials said.

The six arrested accused have been identified as Mumbai residents Himanshu Upadhyay, Mohid Hasan Siddiqui and Feroz Sayyed; and three nationals of the Philippines, Lakim Alimudin Nasser, Benny Lloyd Olivo and Christine Joy Andaya Pornasdoro.

According to DRI, the accused have revealed during interrogation that they were working for a smuggling syndicate that smuggled gold through transit passengers from Dubai and Bangkok to Mumbai, with the help of some people working at the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in the city.

Earlier this month, the DRI, in coordination with other agencies including the Central Bureau of Investigation (CBI), had busted an interstate wildlife trafficking syndicate across West Bengal and Maharashtra.

Several wildlife species, listed under Schedule I of the Wildlife (Protection) Act, 1972, including 15 Slow Lorises, two Binturongs, 28 Star Tortoises, six Egyptian Vultures and two Shikra birds were recovered and rescued.

The Intelligence in the case was developed by DRI, and the matter is now being investigated by the CBI. The six people were subsequently arrested by the CBI.

The DRI has also foiled multiple attempts by passengers arriving from Bangkok, Kuala Lumpur and Colombo to smuggle protected wildlife into India through international airports.

In these operations, species like Albino Red-eared Turtles, Hypo Zero Bearded Dragons, African Spurred Tortoises, Borneo Pythons, Green Iguanas, Mangrove Monitor Lizards, Argentine Black and White Tegus, Goeldi’s Marmosets, Yellow Cheeked Gibbons, Indonesian Blue Tongued Skinks, Siamang Gibbons, Woolley Monkeys, Silvery Lutungs, Yellow Belly Ball Pythons, Pastel Ball Pythons and other species were seized and rescued.

The total number of seizures in these operations has reached 440.

Raipur/Narayanpur, July 17: In a significant boost to anti-Naxal operations in Chhattisgarh, Narayanpur Police along with the 58th battalion of the Border Security Force (BSF) successfully recovered a concealed weapon dump belonging to Naxals during a joint search operation on Friday.

The coordinated effort was carried out in the dense forests under the Kohkameta police station area, aimed at strengthening security in the district’s Naxal-free zones and preventing the resurgence of extremist activities.

Acting on specific intelligence, the security personnel launched an intensive search in the Kachchapal forest region. After thorough combing, the teams discovered a well-hidden cache of arms and ammunition that Naxals had reportedly stashed away for future use.

The recovery marks another success in the sustained campaign to cleanse the area of leftover war material from earlier insurgent operations.

The police officials informed that items seized included one .303 rifle, one .315 rifle, and a locally made barrel launcher. Security forces also recovered 17 live cartridges of .303 bore, 10 live cartridges of 7.62 mm, and four 12-bore cartridges. Also, an empty .303 magazine, two cartridge fillers, and three .303 tracer rods were found at the site.

All the recovered materials have been carefully seized and handed over for further examination.

A formal case has been registered at the Kohkameta police station, and legal proceedings against the Naxal operatives involved are underway, the officials further said.

The police officials said the continued vigilance of Narayanpur Police and central security forces in the region will be maintained and even intensified.

For several months now, joint teams have been conducting regular and intensive search operations across the district’s vulnerable pockets. These proactive measures have led to the consistent recovery of weapons, explosives, and other contraband previously hidden by Naxal groups.

By systematically eliminating these hidden arsenals, the forces are not only disrupting potential militant activities but also reinforcing the atmosphere of peace and normalcy that residents have been experiencing in recent times.

Senior officials have praised the seamless coordination between the district police and the BSF unit, noting that such joint operations play a crucial role in maintaining law and order.

Local administration remains committed to sustaining pressure on anti-national elements while simultaneously focusing on development initiatives to win the trust of tribal communities.

The successful operation in Kachchapal forest is expected to further deter Naxal outfits from using the area as a safe haven for storing arms.

As security forces continue their pursuit, authorities have appealed to locals to share any relevant information that could help in neutralising remaining threats.

With multiple such recoveries reported in the recent past, Narayanpur district is steadily moving towards complete eradication of Naxal influence, paving the way for lasting peace and progress in the region.