**Summary:**
On August 6, 2025, the Reserve Bank of India (RBI) imposed a monetary penalty of ₹10,000 on Altum Credo Home Finance Private Limited, Pune, Maharashtra, for non-compliance with Know Your Customer (KYC) directions issued by the RBI. The penalty was levied under the provisions of Section 52A of the National Housing Bank Act, 1987. The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2023, and March 31, 2024. The non-compliance identified was the company's failure to implement a system for the periodic review of risk categorization of accounts at least once every six months. The RBI's action is based on deficiencies in regulatory compliance and does not affect the validity of transactions between the company and its customers. This penalty is without prejudice to any other action that the RBI may initiate against the company. For further information, contact Puneet Pancholy, Chief General Manager, Department of Communication, Reserve Bank of India, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001, email: helpdocrbi.org.in, Phone: 022 2266 0502. Website: www.rbi.org.in. This press release is numbered 2025-2026/880 and was issued on August 11, 2025.
Key Entities Referenced
Reserve Bank of India: The central bank of India, also referred to as RBI.
Altum Credo Home Finance Private Limited, Pune, Maharashtra: A home finance company based in Pune, Maharashtra, that is the subject of the monetary penalty.
National Housing Bank Act, 1987: An act of Indian Parliament under which RBI's powers are defined.
Know Your Customer (KYC): A set of regulations and procedures banks and financial institutions must follow to verify the identity of their customers.
Section 52A of the National Housing Bank Act, 1987: The specific section of the National Housing Bank Act, 1987, that confers powers on RBI.
National Housing Bank: The entity that conducted the statutory inspection of Altum Credo Home Finance Private Limited.
March 31, 2023: Reference date for financial position during the statutory inspection.
March 31, 2024: Reference date for financial position during the statutory inspection.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट
:
www.rbi.org.in/hindi
संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
August 11, 2025
RBI imposes monetary penalty on Altum Credo Home Finance Private Limited,
Pune, Maharashtra
The Reserve Bank of India (RBI) has, by an order dated August 06, 2025,
imposed a monetary penalty of ₹10,000 (Rupees Ten Thousand only) on Altum
Credo Home Finance Private Limited, Pune, Maharashtra (the company) for non-
compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
This penalty has been imposed in exercise of powers conferred on RBI under the
provisions of Section 52A of the National Housing Bank Act, 1987.
The statutory inspection of the company was conducted by the National Housing
Bank with reference to its financial position as on March 31, 2023 and March 31,
2024. Based on supervisory findings of non-compliance with RBI directions and
related correspondence in that regard, a notice was issued to the company advising it
to show cause as to why penalty should not be imposed on it for its failure to comply
with the said directions. After considering the company’s reply to the notice, RBI
found, inter alia, that the following charge against the company was sustained,
warranting imposition of monetary penalty:
The company had failed to put in place a system of periodic review of risk
categorisation of accounts, with such periodicity being at least once in six months.
This action is based on 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. Further, imposition of monetary penalty is without
prejudice to any other action that may be initiated by RBI against the company.
(Puneet Pancholy)
Press Release: 2025-2026/880 Chief General Manager