Case Brief
By an order dated May 09, 2024, RBI imposed a monetary penalty of Rs 1,50,000 on Sundaram Home Finance Limited under section 52A of the National Housing Bank Act, 1987. The penalty followed a statutory inspection and supervisory findings that the company had not carried out periodic updation of KYC for certain customers within the prescribed periodicity under the RBI (Know Your Customer (KYC)) Direction, 2016.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date