The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 12.35 lakh on Indiabulls Commercial Credit (IBCCL), a wholly owned subsidiary of Indiabulls Housing Finance (IBHFL), for non-compliance with certain provisions of the 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016'.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).
Company Name | CMP |
---|---|
LIC Housing Finance | 626.80 |
Indiabulls Housing | 152.90 |
Housing & Urban Dev. | 216.30 |
PNB Housing Finance | 728.80 |
Can Fin Homes | 734.05 |
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