Case Brief
What Happened
RBI, by order dated June 24, 2026, imposed a monetary penalty of Rs 3.10 lakh on GIC Housing Finance Limited. The penalty was imposed under Section 52A of the National Housing Bank Act, 1987 after a statutory inspection, issuance of a show-cause notice, and consideration of the company’s reply and oral submissions. RBI found that the company had failed to put in place a system for periodic review of the risk categorisation of accounts at least once in six months, in breach of the Reserve Bank of India (Know Your Customer (KYC)) Directions.