Housing Finance for violation norms  

The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on XYZ and Rs 49.70 lakh on LIC Housing Finance for violation of certains norms. The plenalty on  XYZ  has been imposed for non-compalince with certain directions on "Loans and Advances-Statuary and Other Restrictions, the central bank said in a statement. In another statement, it said the penalty on LIC Housing Finance has been levied for non-compaliance with certain provisions of the Non Banking Financal Company-Housing Finance Company ( Reserve Bank) https://www.rbi.org.in/ Directions, 2021' issued by RBI. 

In both cases, penalties are based on deficiencies in regulatory compliance and  are not intented to pronounce upon the vadility of any transaction or agreement entered into by them with their repective customers. 
 

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