RBI imposes monetary penalty on GIC Housing Finance Limited

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July 3, 2026 RBI imposes monetary penalty on GIC Housing Finance Limited The Reserve Bank of India (RBI) has, by an order dated June 24, 2026, imposed a monetary penalty of ₹3.10 lakh (Rupees Three lakh Ten thousand only) on GIC Housing Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 52A of the National Housing Bank Act, 1987. The statutory inspection of the company was conducted by National Housing Bank with reference to its financial position as on March 31, 2025. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found that the following charge against the company was sustained, warranting imposition of monetary penalty: The company failed to put in place a system of periodic review of risk categorisation of accounts, with such periodicity being at least once in six months. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company. (Brij Raj) Press Release: 2026-2027/605 Chief General Manager ᮧेस ᮧकाशनी PRESS RELEASE भारतीय ᳯरज़वर् बᱹक RESERVE BANK OF INDIA 0वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, कᱶᮤीय कायार्लय, शहीद भगत ᳲसंह मागर्, फोटर्, मुंबई - 400 001 Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502