RBI in action mode, fine imposed on this bank and LIC, NBFC certificate canceled
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RBI has imposed a fine of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain rules. The central bank said the penalty has been imposed on IDFC First Bank for non-compliance of certain directions on interest and advances – statutory and other bans.
The Reserve Bank of India has imposed a fine of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain rules. The central bank said the penalty has been imposed on IDFC First Bank for non-compliance of certain directions on interest and advances – statutory and other bans.
The finance company has been imposed for non-compliance with certain provisions of the Housing Finance Company Guidelines, 2021. In both cases the fines have been imposed on deficiencies in regulatory compliance. It is not intended to affect the validity of any transactions or agreements with the respective customers.
Meanwhile, RBI has canceled the registration certificates of four non-banking finance companies Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. After this these companies can no longer do NBFC business. At the same time, five other NBFCs – Growing Opportunity Finance, Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certificates.
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