The Reserve Bank of India ( RBI ) has imposed a monetary penalty of Rs 17.63 lakh on Manappuram Finance Limited for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments ( PPIs ) dated October 11, 2017 (updated as on February 28, 2020) and the Master Direction – Know Your Customer ( KYC ) Direction dated February 25, 2016 (as updated on April 20, 2020).