Recorded RBI impact
Fine: Rs 10,000
Monetary penalty · Fresh imposition
Published by RBI
11 Aug 2025
Case Brief
By an order dated August 06, 2025, RBI imposed a penalty on Altum Credo Home Finance Private Limited, Pune, Maharashtra under Section 52A of the National Housing Bank Act, 1987. The penalty followed a statutory inspection by the National Housing Bank and a show-cause notice based on supervisory findings of non-compliance with RBI’s KYC directions. RBI held that the company had failed to put in place a system for periodic review of risk categorisation of accounts, with a minimum frequency of once in six months.
Why RBI Acted
RBI imposed a monetary penalty under Section 52A of the National Housing Bank Act, 1987 after supervisory inspection and a show-cause process. The sustained charge was that the company failed to implement a system for periodic review of the risk categorisation of accounts with a periodicity of at least once in six months, in breach of RBI’s KYC directions.
Operating Impact
Altum Credo Home Finance Private Limited must continue to ensure KYC controls are in place, including periodic review of customer risk categorisation at least every six months. The penalty itself is financial and does not impose an operational restriction, but RBI noted that further action may still be initiated separately.
Regulatory Basis
- Section 52A of the National Housing Bank Act, 1987
Action Facts
- Primary Impact
- Fine: Rs 10,000
- Order Date
- 6 Aug 2025
- Effective From
- 6 Aug 2025
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC