Section 3
[52A. Power of National Housing Bank and Reserve Bank to impose 4 [penalty] . — (1) Notwithstanding anything contained in section 49, if the contravention or default of the nature referred to in the said section is committed by a housing finance institution which is a company, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such company—
3 [52A. Power of National Housing Bank and Reserve Bank to impose 4 [penalty] . — (1) Notwithstanding anything contained in section 49, if the contravention or default of the nature referred to in the said section is committed by a housing finance institution which is a company, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such company—
(a) a penalty not exceeding 5 [twenty-five thousand]; or
(b) where the contravention or default is under sub-section (2A) or clause (a) 6*** of sub -section (3) of that section, a penalty not exceeding 7 [ten lakh] rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to 8 [one lakh] rupees for every day, after the first, during which the contravention or default continues.