Case Brief
The Reserve Bank of India imposed a monetary penalty on Housing Development Finance Corporation Limited, Mumbai by order dated March 13, 2023. RBI said the company had breached certain provisions of the Housing Finance Companies (NHB) Directions, 2010, read with the RBI press release on transfer of regulation of HFCs to RBI. The inspection revealed that the company failed to transfer matured deposits of certain depositors to designated bank accounts during 2019-20. After considering the company's reply and hearing submissions, RBI concluded that the non-compliance was substantiated and imposed a penalty of ₹5.00 lakh under the National Housing Bank Act, 1987.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Location
- Mumbai