RBI Imposes Penalty on IDFC First Bank and LIC Housing Finance

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INVC NEWS
New Delhi : The Reserve Bank of India has taken action against IDFC First Bank and LIC Housing Finance for violation of certain rules of the central bank. RBI has imposed a fine of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance. RBI itself told about this.

RBI said that this penalty has been imposed on IDFC First Bank due to non-compliance of certain instructions. This penalty has been imposed on LIC Housing Finance for violation of the provisions of ‘Non-Banking Financial Company-Housing Finance Company (Reserve Bank) Guidelines, 2021’.

However, it is clear that this fine will not affect the customers of these two in any way. At the same time, RBI has canceled the certificate of registration of 4 non-banking finance companies (NBFCs) Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances.

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