Business News Desk – The Reserve Bank of India (RBI) has imposed a penalty on three entities, including Housing and Urban Development Corporation, for violating certain provisions of the Non-Banking Financial Company-Housing Finance Company Directive. RBI said in a statement on Friday that Housing and Urban Development Corporation Limited has been fined Rs 3.5 lakh.
In a separate statement, the Reserve Bank said it has imposed a fine of Rs 5 lakh on Godrej Housing. The Reserve Bank of India has also imposed a monetary penalty of Rs 5 lakh on Aadhar Housing Finance Limited. In each case, the Reserve Bank said the penalty has been imposed on account of deficiencies in regulatory compliance and is not intended to affect the validity of any transaction or agreement of the companies.
UCO Bank was fined last week
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current account, interest rate on deposits and fraud classification. RBI said it has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance of certain provisions of ‘Know Your Customer’ (KYC) directions. The central bank said the penalty in both the cases is for regulatory compliance and is not intended to call into question the validity of any transaction or agreement entered into by these entities with their customers.