34.6 C
Delhi
Saturday, May 31, 2025

RBI penalty on LIC Housing Finance

Date:

Share post:

Donate-GC-Razorpay

Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on the LIC Housing Finance Ltd, Mumbai, for non-compliance with certain provisions of The Housing Finance Companies (NHB) Directions, 2010.

This follows a statutory inspection of the company conducted by NHB with reference to financial position as on March 31, 2020. It followed the company’s failure to create floating charge in favour of its deposits and portion of the assets invested by it under Section 29B of the NHB Act, 1987.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 52A read with clause (aa) of sub-section (3) of section 49 of the National Housing Bank Act, 1987 (NHB Act).

Related articles

Advocate Neetu Bali organizes plantation drive in Baramulla, pays tribute to martyrs

A plantation drive was organized on Tuesday, May 27, at Gurudwara Chhevin Patshahi, Baramulla, by Kashmir’s top woman...

One percent Kashmiri Pandits using community’s plight for personal gains: Dr Sandeep Mawa

In a press conference organized by leaders of the Kashmiri Pandit community on Thursday, May 29, Dr Sandeep...

Strenghthening India’s Air Dominance Amac And Future Ambitions

Operation Sindoor in May 2025 highlighted India's aerial dominance over Pakistan, significantly contributing to the achievement of its...

Goa’s Identity Crisis: Chasing Dreams, Losing Soul

There was a time when Goa was known not just for its sun-kissed beaches, vibrant susegad lifestyle, and...