RBI imposes monetary penalty on India Home Loan Limited, Mumbai Maharashtra
Case Brief
RBI imposed a monetary penalty of ₹1.00 lakh on India Home Loan Limited by order dated June 03, 2024. The penalty was imposed after an NHB statutory inspection and subsequent supervisory proceedings found non-compliance with applicable NHB/RBI directions, including sanctioning loans beyond the prescribed Loan-to-Value ratio. RBI acted under Section 52A(1)(b) read with Section 49(3)(aa) of the National Housing Bank Act, 1987.
Following a statutory inspection by NHB with reference to the company’s financial position as on March 31, 2022, supervisory findings and related correspondence indicated non-compliance with NHB/RBI directions. After a show-cause notice, the company’s reply, and oral submissions at a personal hearing, RBI found that the charge of sanctioning loans beyond the prescribed LTV ratio was sustained. RBI therefore imposed a monetary penalty under Section 52A(1)(b) read with Section 49(3)(aa) of the National Housing Bank Act, 1987.
Severity Assessment
This is a monetary penalty of ₹1 lakh, which falls in the lowest monetary band and has no separate operational restriction.
The company must absorb the monetary penalty and remain subject to RBI/NHB supervisory oversight. The order does not invalidate customer transactions or agreements, and RBI notes that further action may still be initiated if warranted.
Published as India Home Loan Limited
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