Case Brief
RBI, by order dated June 24, 2026, imposed a monetary penalty of Rs 3.10 lakh on GIC Housing Finance Limited. The penalty was imposed under Section 52A of the National Housing Bank Act, 1987 after a statutory inspection, issuance of a show-cause notice, and consideration of the company’s reply and oral submissions. RBI found that the company had failed to put in place a system for periodic review of the risk categorisation of accounts at least once in six months, in breach of the Reserve Bank of India (Know Your Customer (KYC)) Directions.
Action Snapshot
- Primary Impact
- Fine: Rs 3.10 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty