The Reserve Bank of India (RBI) has imposed penalties on LIC Housing Finance and IDFC First Bank for violating regulatory guidelines. LIC Housing Finance has been fined for failing to comply with certain regulations related to lending. Similarly, IDFC First Bank has been penalized for not adhering to rules concerning the reporting of frauds and non-compliance with directions regarding the submission of data on Central Repository of Information on Large Credits (CRILC). These penalties underscore the importance of strict adherence to banking regulations to maintain the integrity of the financial system.