The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violating certain norms. IDFC First Bank's penalty is for non-compliance with directions on 'Loans and Advances - Statutory and Other Restrictions', while LIC Housing Finance's penalty is for non-compliance with provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021'. Additionally, the RBI has cancelled the registration certificates of four NBFCs and five NBFCs have surrendered their certificates. Read The Rest at :
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