The actual Reserve Bank of India (RBI) yesterday ordered the Manappuram Finance Company to not accept/renew deposits from the public.
It also said that investing their money within companies like Manappuram Finance and Manappuram Agro Farms (MAGRO) would have been a huge risk.
Under the RBI act of 1934, Manappuram Finance and it is group company MAGRO were not permitted to collect or renew deposits in the people. However, Manappuram Finance continued to do therefore, which is illegal and punishable with imprisonment.
Best film stars including (Venkatesh, Akshay Kumar, Vikram, Mohanlal and so on. ) have endorsed Manappuram brand. So is the credibility of these big stars is at stake now? Definitely!
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