Welcome, Guest


Bookmark Bookmark

Housing finance companies to be treated as NBFCs; come under RBI oversight

The Reserve Bank said housing finance companies (HFCs) will be treated as one of the categories of NBFCs for regulatory purposes and it will come under its direct oversight.

The Finance (No 2) Act, 2019 (23 of 2019) has amended the National Housing Bank Act, 1987, conferring certain powers for regulation of Housing Finance Companies (HFC) with Reserve Bank of India, it said in a release.

The RBI direction comes after notification issued by the central government, it added.

Finance Minister Nirmala Sitharaman in her maiden Budget 2019-20 speech in early July had announced that the National Housing Bank (NHB) will not remain as the regulator for the HFCs.

HFCs will henceforth be treated as one of the categories of Non-Banking Financial Companies (NBFCs) for regulatory purposes. Reserve Bank will carry out a review of the extant regulatory framework applicable to the HFCs and come out with revised regulations in due course.

In the meantime, HFCs shall continue to comply with the directions and instructions issued by the National Housing Bank (NHB) till the Reserve Bank issues a revised framework.

You might be interested:

One Liners of the Day, 14 August 2019

Days in Focus International Left Handers Day - 13 August. Economy To setup a network of large world-class data centres across India, Reliance Jio has entered into a long-term alliance with - Micros ...

4 months ago

Aishwarya Pissay 1st Indian to win world title in motorsports

Bengaluru-based biker Aishwarya Pissay made history by becoming the first Indian to win a world title in motorsports as she won the FIM World Cup in women’s category after the final round of the ...

4 months ago

Jio, Microsoft team up for digital transformation, to launch cloud centres

Reliance Jio has entered into a long-term alliance with Microsoft to accelerate digital transformation with the launch of new cloud data centres, RIL Chairman Mukesh Ambani said. Speaking at RIL's 42n ...

4 months ago

Senior advocate & former ASG Amarendra Sharan passes away

Senior advocate and former Additional Solicitor General Amarendra Sharan passed away. He was 69. Sharan was the Additional Solicitor General in the Supreme Court during the UPA-I regime from 2004 to 2 ...

4 months ago

India, China sign 4 agreements to strengthen people-to-people ties

India and China signed four agreements to further strengthen the cultural and people-to-people ties between the two neighbours and ancient civilisations. The agreements were signed after External Affa ...

4 months ago

Chandrima Shaha elected INSA's first woman president

Former director of the National Institute of Immunology Chandrima Shaha has been elected as the first woman president of the reputed Indian National Science Academy (INSA). INSA informed this on its w ...

4 months ago

Provide your feedback on this article: