Case Brief
RBI imposed a monetary penalty on Godrej Housing Finance Limited by order dated August 29, 2024. The action was taken under Section 52A of the National Housing Bank Act, 1987 for non-compliance with the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021. RBI said the company failed to obtain two independent valuation reports before sanctioning certain loans of ₹75 lakh and above. The penalty follows supervisory findings from the statutory inspection conducted by the National Housing Bank with reference to the company’s financial position as on March 31, 2022.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty