Case Brief
By an order dated August 26, 2024, RBI imposed a monetary penalty of ₹2,10,000 on Cent Bank Home Finance Limited. The action was taken after a statutory inspection by the National Housing Bank and subsequent supervisory proceedings found non-compliance with certain provisions of the RBI's KYC Directions, 2016. RBI specifically noted that the company failed to carry out periodic review of risk categorisation of accounts at least once in six months during FY 2021-22. The penalty was imposed under section 52A of the National Housing Bank Act, 1987, and RBI stated that it was without prejudice to any other action that may be initiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.10 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty