GIC Housing Finance Limited was penalized ₹3.10 lakh by the Reserve Bank of India (RBI) for non-compliance with specific provisions of the 'Know Your Customer (KYC)' directions. The regulator imposed the fine under the powers conferred by Section 52A of the National Housing Bank Act, 1987, following a statutory inspection conducted by the National Housing Bank (NHB). The inspection reviewed the company's position as on March 31, 2025.

The specific non-compliance identified by the RBI was the absence of periodic review of risk categorization of customer accounts. This lapse pertains to Paragraph 12 of Chapter IV and 37(a) of Chapter VI of the RBI (KYC) Directions, 2016. The directions were initially issued via circular No. DBR.AML.BC.No.81/14.01.001/2015-16 dated February 25, 2016, and updated as on January 04, 2024.

The company received the speaking order via email on July 03, 2026. In its disclosure to the exchanges, GIC Housing Finance confirmed that the penalty payable would have no material impact on its financial, operational, or other activities.

Details of the Penalty

Corrective Actions

GIC Housing Finance stated that it is currently in the process of implementing corrective measures. These actions are aimed at ensuring full compliance with the applicable RBI Directions regarding the periodic review of risk categorization for customer accounts.

GIC Housing Finance Limited has scheduled its 36th Annual General Meeting (AGM) for Tuesday, August 04, 2026, at 11:30 a.m. via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The meeting will be conducted without physical presence at a common venue, in compliance with the Companies Act, 2013 and relevant SEBI Regulations. The registered office in Mumbai will serve as the deemed meeting venue. The company has engaged M/s. KFin Technologies Limited as the authorized agency to facilitate e-voting and remote e-voting facilities for shareholders.

The notice of the AGM and the Annual Report for FY 2025-26 were dispatched electronically to members on June 30, 2026. Physical copies of the report will be provided upon request. The Register of Members and Share Transfer Books were closed on Friday, June 26, 2026, to determine shareholder entitlement for dividend payment. Shareholders whose names appear in the records as of the cut-off date of July 28, 2026, are eligible to vote through remote e-voting or e-voting at the AGM.

E-Voting Schedule

The remote e-voting period commences on Friday, July 31, 2026, at 9:00 a.m. IST and concludes on Monday, August 03, 2026, at 5:00 p.m. IST. Members attending the AGM who have not voted remotely may cast their votes electronically during the meeting. The voting facility will not be available beyond the stipulated deadline on August 03, 2026. Shareholders can access the notice and e-voting procedures on the company's website and the RTA's portal.

For queries related to e-voting, shareholders may contact the RTA officers, Mr. Anil Dalvi or Mr. Praveen Chaturvedi, via email or phone. The company has also provided a dedicated email address for members who become shareholders after the dispatch of the Annual Report to obtain their user ID and password for voting.