RBI Imposes Penalty on GIC Housing Finance Ltd. Over KYC Non-Compliance
The Reserve Bank of India (RBI) has imposed a monetary penalty on GIC Housing Finance Limited following findings related to non-compliance with Know Your Customer (KYC) provisions. The penalty was issued in exercise of powers conferred under Section 52A of the National Housing Bank Act, 1987.The penalty relates to violations identified during a statutory inspection conducted by the National Housing Bank (NHB), referencing the Company's position as on March 31, 2025. The specific non-compliance identified included the "absence of periodic review of risk categorization of customer accounts," corresponding to Paragraph 12 of Chapter IV and 37(a) of Chapter VI of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.
GIC Housing Finance Limited stated that it is currently implementing corrective measures to ensure full compliance with the applicable RBI directions. Regarding the financial aspects, the company reported that there is no material impact on its financial, operational activities, or other activities due to the payable penalty.
The details of the penalty and the communication received from the regulatory authority are summarized below:
| Particulars | Details |
|---|---|
| Name of Company | GIC Housing Finance Limited |
| Authority | Reserve Bank of India (RBI) |
| Type of Communication | Speaking Order issued by RBI |
| Date of Receipt | 03/07/2026 |
| Penalty Imposed | Rs. 3,10,000 (Rupees Three Lakhs Ten Thousand only) |
| Basis of Violation | Absence of periodic review of risk categorization of customer accounts |
| Financial Implication | No material impact on financial or operational activities |
| Action Taken by Company | Implementing corrective measures to ensure compliance with applicable RBI Directions. |
GICHSGFIN Stock Price Movement
Today, GIC Housing Finance Limited's shares edged higher to close at ₹154.37 today after gaining 1.09%. The equity traded within a range of ₹152.85 and ₹155.89, recording a daily volume of 115,805 shares in the post-market session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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