Case Brief
By an order dated February 17, 2025, RBI imposed a monetary penalty of ₹1.50 lakh on JM Financial Home Loans Limited. The penalty was issued after a statutory inspection and subsequent show-cause process found that the company had not disclosed, in its application forms, the approach for gradation of risk and the rationale for charging different interest rates to different categories of borrowers, and had also failed to communicate this explicitly in sanction letters. RBI stated that the action was taken for non-compliance with the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021, under Section 52A of the National Housing Bank Act, 1987.
Action Snapshot
- Primary Impact
- Fine: Rs 15,000
- Entity Type
- NBFC
- Action Type