RBI Imposes Rs 3,10,000 Penalty on GIC Housing Finance for KYC Non-Compliance
The Reserve Bank of India (RBI) has imposed a monetary penalty amounting to Rs 3,10,000/- on GIC Housing Finance Ltd. The penalty was levied following findings related to the company's non-compliance with specific provisions outlined in the RBI directions concerning 'Know Your Customer' (KYC).The penalty was issued by the RBI under Section 52A of the National Housing Bank Act, 1987. This action followed observations made during a statutory inspection conducted by the National Housing Bank (NHB), referencing the company’s position as of March 31, 2025.
According to the findings, the non-compliance related to paragraph 12 of Chapter IV and 37(a) of Chapter VI of the 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016'. Specifically, the authority identified an "absence of periodic review of risk categorization of customer accounts" as the basis for the action.
GIC Housing Finance Ltd has confirmed that it is in the process of implementing necessary corrective measures to ensure full compliance with the applicable RBI Directions.
The company stated that there is no material impact on its financial, operational, or any other activities due to the penalty payable by the RBI.
Key details of the regulatory action are summarized below:
| Particulars | Details |
|---|---|
| Company Name | GIC Housing Finance Limited |
| Authority | Reserve Bank of India (RBI) |
| Penalty Imposed | Rs 3,10,000/- |
| Grounds for Penalty | Non-compliance with Know Your Customer (KYC) provisions |
| Identified Aberration | Absence of periodic review of risk categorization of customer accounts |
| Company Action Taken | Implementing corrective measures to ensure compliance |
GICHSGFIN Stock Price Movement
Today, GIC Housing Finance Limited shares closed in gains after the post-market session, settling at ₹154.38 following a 1.09% advance. The equity saw robust activity during the day, trading within a range bounded by a low of ₹152.85 and a high of ₹155.89, while registering a volume of 115,805 shares.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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