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RBI penalty on LIC Housing Finance

This follows a statutory inspection of the company conducted by NHB with reference to its financial position as on March 31, 2020.

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Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on 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 its financial position as on March 31, 2020. It followed the company’s failure to create a floating charge in favor of its deposits and portion of the assets invested by it under Section 29B of the NHB Act, 1987.

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The penalty has been imposed in the 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).

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