Tax & Penalty3 Jul 2026, 07:10 pm
GIC Housing Finance Fined ₹3.1 Lakh by RBI for KYC Non-Compliance
AI Summary
GIC Housing Finance Ltd has been penalized ₹3,10,000 by the Reserve Bank of India (RBI) for non-compliance with 'Know Your Customer' (KYC) directions. The penalty was imposed under Section 52A of the National Housing Bank Act, 1987, following a statutory inspection by the National Housing Bank (NHB) which identified violations related to periodic review of customer account risk categorization. The company stated that this penalty has no material impact on its financial operations and is implementing corrective measures to ensure future compliance.
Key Highlights
- RBI imposed a ₹3.1 lakh penalty on GIC Housing Finance.
- The penalty is for non-compliance with KYC directions.
- Violations identified during NHB's statutory inspection.
- No material financial impact expected from the penalty.
- Company is implementing corrective measures for compliance.
Price Impact
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