The Reserve Bank of India (RBI) has slapped penalties on three entities, including Housing and Urban Development Corporation Ltd, for non-compliance with certain provisions of directions on 'non-banking financial company - housing finance company'.

A penalty of Rs 3.5 lakh has been imposed on Housing and Urban Development Corporation Limited, the central bank said in a statement on Friday.

In a separate release, RBI said it has imposed a penalty of Rs 5 lakh on Godrej Housing.

The Reserve Bank of India has also imposed a monetary penalty of Rs 5 lakh on Aadhar Housing Finance Ltd.

In each case, the RBI added that penalties are based on deficiencies in regulatory compliance and are not intended to be pronounced upon the validity of any transaction or agreement entered into by the companies.