The country’s central bank i.e. Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of some rules. The central bank said in a statement on Friday that the penalty has been imposed on IDFC First Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’. According to language news, RBI said in another statement that the penalty was imposed on LIC Housing Finance for non-compliance with certain provisions of ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Guidelines, 2021’ issued by RBI. Has gone.
These companies can no longer do NBFC business
According to the report, in both the cases the fines have been imposed for deficiencies in regulatory compliance. It is not intended to affect the validity of any transaction or agreement with the respective customers. Meanwhile, the RBI has canceled the certificates of registration (CoR) of four non-banking finance companies (NBFCs) Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. After this these companies can no longer do NBFC business.
Share prices of both companies today
At the same time, five other NBFCs – Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certification. Shares of IDFC First Bank closed at Rs 80.65 on Friday, up 1.51 per cent from the previous session. Similarly, shares of LIC Housing Finance also closed at Rs 644.30 on Friday with a slight rise of 0.07 percent compared to the previous session.
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