The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. The penalty on IDFC First Bank has been imposed for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’, the central bank said in a statement. In another statement, it said the penalty on LIC Housing Finance has been levied for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. In both cases, penalties are based on deficiencies in regulatory compliance and are not intended to…
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