Recorded RBI impact
Fine: Rs 50,000
Monetary penalty · Fresh imposition
Published by RBI
16 Oct 2025
Case Brief
The Reserve Bank of India imposed a monetary penalty on Sahara Housingfina Corporation Limited, West Bengal, after finding non-compliance with RBI directions on Know Your Customer (KYC). The specific lapse sustained was the company’s failure to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline. The action was taken under Section 52A of the National Housing Bank Act, 1987, following a statutory inspection by the National Housing Bank and subsequent show-cause proceedings.
Why RBI Acted
RBI imposed a monetary penalty for non-compliance with directions on Know Your Customer (KYC). Based on supervisory findings and the company’s reply and oral submissions, RBI sustained the charge that Sahara Housingfina Corporation Limited failed to upload customer KYC records to CKYCR within the prescribed timeline. The penalty was imposed under Section 52A of the National Housing Bank Act, 1987, following a statutory inspection by the National Housing Bank with reference to the company’s financial position as on March 31, 2024.
Operating Impact
The company must bear the monetary penalty, but the release does not indicate any business restriction, suspension, or cancellation of operations. The action serves as a compliance signal for the company and similar regulated entities to meet CKYCR/KYC timelines going forward.
Regulatory Basis
- Section 52A of the National Housing Bank Act, 1987
Action Facts
- Primary Impact
- Fine: Rs 50,000
- Order Date
- 24 Sept 2025
- Effective From
- 24 Sept 2025
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC