RBI imposes ₹5 lakh fine on LIC Housing Finance for violating norms

The Reserve Bank of India (RBI) imposed a fine of ₹5 lakh on LIC Housing Finance for not complying with provisions of the National Housing Bank. A ₹1.76 crore fine was also imposed on Vakrangee Ltd by the central bank. RBI clarified the penalties were not intended to pronounce the validity of transactions or agreements entered into with its customers.