NHB imposes penalty of Rs 29.13 lakh on Can Fin Homes

The National Housing Bank (NHB) on Friday, 11 June 2021, imposed a penalty of Rs 29,13,234 on Can Fin Homes.

NHB observed that Can Fin Homes accepted individual deposits aggregating to Rs 14,56,617 from five small depositors for a period of less than 12 months, in contravention with provisions of Para 4 of the HFCs (NHB) Directions, 2010.

The company replied to NHB stating that five deposits aggregating to Rs 14,56,617 (out of about 4,000 deposits), were accepted in the year 2018-19 for a tenure of less than 12 months by three of its branches inadvertently. NHB has imposed a penalty of twice the amount of deposits collected, i.e., Rs 29,13,234.

Can Fin Homes posted a 12.8% rise in net profit to Rs 102.57 crore on a 11.6% decline in total income to Rs 467.35 crore in Q4 FY21 over Q4 FY20.

Can Fin Homes is a housing finance company. The firm offers housing loan to individuals; housing loan to builders/developers, and loan against property. Its loan portfolio includes housing loans and non-housing loans.

Shares of Can Fin Homes gained 1.30% to Rs 529.30 on BSE. The stock traded in the range of Rs 524 to Rs 531.45 so far.

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