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RBI tightens the noose on this government company of the country, imposed a fine of so many lakhs

The Reserve Bank of India (RBI) said that LIC Housing Finance could not be successful in complying with the rules for customers taking home loans, hence the penalty has been imposed.

LIC Housing Finance: The Reserve Bank of India (RBI) has imposed a fine of Rs 5 lakh on LIC Housing Finance Limited for violating the rules. RBI says that LIC Housing Finance has not been able to comply with the rules for customers taking home loans. The Reserve Bank of India alleges that the penalty has been imposed due to failure to comply with Section 29B of National Housing Bank for failure to levy floating charge on a customer investing in LIC and investment made in the asset.

Along with this, LIC Housing Finance had not even registered such a charge with the Registrar of Companies. The Reserve Bank of India had earlier issued a notice to LIC Housing Finance asking why not impose a penalty on it. LIC Housing Finance has failed to comply with the constitutional guidelines.

Mysore Merchants Co-Operative Bank Ltd. fined

Acting on the reply of LIC Housing Finance, it came to the conclusion that a fine of Rs 5 lakh should be imposed on the company. RBI has said that LIC Housing Finance failed to create a floating charge on a part of the invested property in terms of Section 29B of the NHB Act in favor of its depository and also did not register such charge with the Registrar of Companies. . Along with this, RBI also imposed a fine of Rs 5 lakh on Mysore Merchants Co-operative Bank Ltd for failing to comply with the rules.

penalty imposed on them

The Reserve Bank of India (RBI) has also imposed a fine on Vakrangee Limited for violation of banking rules. The RBI said that it has imposed a penalty of Rs 1.76 crore on several financial institutions, including Vakrangee, for violating various rules. Vakrangee Ltd. has been fined Rs 1,76,00,000 for non-compliance of certain provisions of the White Label ATM (WLA) instructions. The banking regulator has imposed a fine of Rs 30 lakh on the Jammu and Kashmir State Co-operative Bank Ltd for its failure to comply with the rules. The Pratap Co-operative Limited of Mumbai has been fined Rs 6 lakh.

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