NHB slaps Rs 47,000 fine on GIC Housing Finance

Housing finance regulator National Housing Bank NHB has imposed a fine of Rs 47,000 on GIC Housing Finance for violation of the guidelines. The fine was imposed by NHB on Monday, the company said in a regulatory filing on Tuesday.Based on the examination of the issue, including the submission made by the company in the matter, the National Housing Bank has decided to levy a penalty of Rs 47,000 for delayed and non-submission of returns, it said.

Housing finance regulator National Housing Bank (NHB) has imposed a fine of Rs 47,000 on GIC Housing Finance for violation of the guidelines. The fine was imposed by NHB on Monday, the company said in a regulatory filing on Tuesday.

''Based on the examination of the issue, including the submission made by the company in the matter, the National Housing Bank has decided to levy a penalty of Rs 47,000 for delayed and non-submission of returns,'' it said. The company has been directed to pay the fine along with applicable GST of 18 per cent within 10 days from the date of receipt of the letter dated December 28, 2020.