Muthoot’s license cancelled. Muthoot Exchange which has crores of customers was banned for not following the rules.

Muthoot exchange banned for service. Muthoot Group, one of the biggest financial institutions of the country, has suffered a major setback and its registration has been cancelled. This has not only shocked Indian customers but has also shocked Indian expatriate customers. If you too are associated with this company, then know about the problems that will arise from today.

In a significant decision, the Central Bank of the UAE (CBUAE) has revoked the license of Muthoot Exchange and struck off the company’s name from the register. The move was taken under Article 137 (1) of the Federal Law No. 14, which deals with the organization of the Central Bank and financial institutions and activities in 2018. Based on the amendments made to this law, the CBUAE has taken this strict action.

The investigation conducted by the central bank found that Muthoot Exchange failed to maintain its capital and equity as per the required standards and regulations. It is mandatory for any financial institution to maintain its financial position and fulfill its financial obligations as per the laws. But Muthoot Exchange was unable to meet these standards, resulting in the cancellation of its license.

After this decision, Muthoot will not be able to provide exchange services in the UAE and they have had to ban all their services with immediate effect. People used to send money to their homes through this company and also took help of exchange etc.