RBI imposes penalty on LIC Housing Finance

3 Nov 2022 , 01:33 AM

LIC Housing Finance announced that the Reserve Bank of India RBI has by an order dated 21 October 2022 imposed monetary penalty of Rs 35 lakh on LIC Housing Finance for non-compliance with certain provisions of The Housing Finance Companies NHB Directions 2010 regarding statutory inspection of the Company conducted by NHB with reference to financial position as on 31 March 2020 inter alia the Companys failure to create floating charge in favor of its deposits and portion of the assets invested by it in terms of section 29B of the NHB Act 1987