RBI imposes monetary penalty on Sundaram Home Finance Limited
The penalty has been imposed in the exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.
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The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,50,000/- (Rupees One Lakh Fifty Thousand only) on Sundaram Home Finance Limited for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016’ issued by RBI.
The penalty has been imposed in the exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.
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After considering the company’s reply to the notice, oral submissions made during the personal hearing, and examination of additional submissions made by it, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty. The company did not carry out periodic updation of KYC of certain customers within the prescribed periodicity.
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