RBI fines JM Financial Home Loans INR 150,000 for not complying with norms
This story was originally published at 19:57 IST on 21 February 2025
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NEW DELHI – The Reserve Bank of India Friday said it had imposed a fine of INR 150,000 on JM Financial Home Loans Ltd. after a statutory inspection of the lender's financial position as of the end of financial year 2021-22 (Apr-Mar) and FY23 by National Housing Bank revealed it had not complied with certain norms of the central bank.
According to the RBI, JM Financial Home Loans--a subsidiary of JM Financial--failed to disclose to customers in its application forms the approach for gradation of risk and the reasons for charging different rates of interest to different categories of borrowers. JM Financial Home Loans also "did not communicate the same explicitly in the sanction letters", the RBI said.
Shares of JM Financial closed 0.2% lower Friday at INR 102.82 on the National Stock Exchange. End
Reported by Siddharth Upasani
Edited by Rajeev Pai
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