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In a statement, the RBI said the penalty on IDFC First Bank has been imposed for non-compliance with certain directions on 'Loans and Advances - Statutory and Other Restrictions'.
The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violating certain norms. IDFC First Bank s penalty is for non-compliance with directions on Loans and Advances - Statutory and Other Restrictions , while LIC Housing Finance s penalty is for non-compliance with provisions of the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 . Additionally, the RBI has cancelled the registration certificates of four NBFCs and five NBFCs have surrendered their certificates.
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. Latest News | RBI Penalises IDFC First Bank, LIC Housing Finance.