RBI imposes penalty on LIC Housing Finance

LIC Housing Finance announced that the Reserve Bank of India (RBI) has, by an order dated 21 October 2022, imposed monetary penalty of Rs 35 lakh on LIC Housing Finance for non-compliance with certain provisions of "The Housing Finance Companies (NHB) Directions, 2010, regarding statutory inspection of the Company conducted by NHB with reference to financial position as on 31 March 2020 inter alia the Company's failure to create floating charge in favor of its deposits and portion of the assets invested by it in terms of section 29B of the NHB Act, 1987.

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