RBI imposed Monetary Penalty of Rs.1.497 Crore on IDFC First Bank and LIC Housing Finance:

RBI imposed Monetary Penalty of Rs.1.497 Crore on IDFC First Bank and LIC Housing Finance The Reserve Bank of India (RBI) announced on Friday that it has imposed a penalty of Rs.1 crore on IDFC First Bank and Rs.49.70 lakh on LIC Housing Finance for violating certain provisions. The penalty was imposed on IDFC First Bank for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, according to the central bank's statement. In another statement, it stated that the penalty was imposed on LIC Housing Finance for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI In both cases, penalties are based on shortcomings in regulatory compliance and are not meant to call into question the legitimacy of any transaction or agreement entered into by them with their consumers. This penalty has been imposed in the exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.