The Reserve Bank of India (RBI) has imposed a penalty on three entities, including Housing and Urban Development Corporation, for violating certain provisions of the Non-Banking Financial Company-Housing Finance Company directions.
The Reserve Bank of India (RBI) has imposed a fine on three entities, including Housing and Urban Development Corporation, for violating certain provisions of the Non-Banking Financial Company-Housing Finance Company Directive. RBI said in a statement on Friday that Housing and Urban Development Corporation Limited has been fined Rs 3.5 lakh.
In a separate statement, the RBI said it has imposed a fine of Rs 5 lakh on Godrej Housing. The Reserve Bank of India has also imposed a monetary penalty of Rs 5 lakh on Aadhar Housing Finance Ltd. In each case, the RBI said the penalties are imposed due to deficiencies in regulatory compliance and are not intended to affect the validity of any transaction or agreement of the companies.
UCO Bank was fined last week
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current account, interest rate on deposits and fraud classification.
RBI said that it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Limited for non-compliance with certain provisions of ‘Know Your Customer’ (KYC) instructions. The central bank said that in both the cases, the fine has been imposed for regulatory compliance and is not intended to question the validity of any transaction or agreement made by these units with their customers.
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