Case Brief
By an order dated August 7, 2024, RBI imposed a monetary penalty of ₹5,00,000 on Muthoot Housing Finance Company Limited under section 52A of the National Housing Bank Act, 1987. The penalty was for non-compliance with the NBFC-HFC Directions, 2021 on governance, specifically for failing to obtain prior written permission of RBI before a change in management that resulted in a change of more than 30% of its directors, excluding independent directors.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty
- Order Date