Case Brief
What Happened
RBI imposed a monetary penalty on Godrej Housing Finance Limited by order dated August 29, 2024. The action was taken under Section 52A of the National Housing Bank Act, 1987 for non-compliance with the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021. RBI said the company failed to obtain two independent valuation reports before sanctioning certain loans of ₹75 lakh and above. The penalty follows supervisory findings from the statutory inspection conducted by the National Housing Bank with reference to the company’s financial position as on March 31, 2022.