RBI imposed fine on this LIC company, will have to pay this much money. RBI Impose Fine IDFC First Bank LIC Housing

RBI imposed fine worth lakhs of croresImage Credit Source: TV9 Graphics

The Reserve Bank of India (RBI) not only regulates banks in the country but also regulates non-banking finance companies. In such a situation, none of their mistakes or violation of rules can escape the attention of RBI. That is why RBI has imposed a fine of lakhs of rupees on LIC’s Housing Finance Company. Whereas IDFC First Bank has to pay a fine of Rs 1 crore for violating the rules.

The Central Bank has issued a statement giving information about the entire matter. If a fine of Rs 1 crore has been imposed on IDFC First Bank, then LIC Housing Finance has to pay a fine of Rs 49.70 lakh.

Couldn’t follow these rules

According to the statement of RBI, fine has been imposed on IDFC First Bank for not following some instructions related to ‘Loan and Advance’. The central bank has made some statutory rules for giving loans and advances, and has also imposed some restrictions.

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In another statement, RBI said that a fine of about Rs 50 lakh has also been imposed on LIC Housing Finance. LIC Housing Finance could not properly follow some provisions of RBI’s ‘NBFC-Housing Finance Company (Reserve Bank) Guidelines-2021’, hence this penalty has been imposed on it. In both the cases, RBI has imposed fine for deficiencies in following the rules. This will have any impact on the customers of the bank or company or the transactions with them.

Ban imposed on these NBFCs

Meanwhile, RBI has canceled the Certificate of Registration (COR) of four non-banking finance company (NBFC) Kundals Motor Finance, Nitya Finance, Bhatia Higher Purchase and Jeevanjyoti Deposits and Advances. After this these companies can no longer do NBFC business.

At the same time, five other NBFCs – Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties and Quikr Marketing have returned their registration certificates.

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Brijesh Pratap
Brijesh Pratap

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