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.1

In both cases, penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their respective customers.

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• 1. 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.