MUMBAI: Reserve Bank on Friday said it has imposed a penalty of Rs 5 lakh on Bajaj Housing Finance for non-compliance with certain regulatory provisions.

The penalty has been imposed for contravention of certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021', it said.

A statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2022.

The Reserve Bank of India (RBI) said the Pune-based company did not take prior written permission from RBI for change in management, resulting in change in more than 30 per cent of the directors, excluding independent directors.

The central bank, however, added the penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.