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Dec 30, 2019

Withdrawal of Exemptions Granted to Housing Finance Institutions

RBI, by way of circular dated November 11, 2019, withdrew the exemptions available to housing finance institutions, as defined under Section 2(d) of the National Housing Bank Act, 1987 (‘HFIs’), from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934 (‘RBI Act’). Chapter IIIB of the RBI Act deals with provisions setting out requirements relating to non-banking institutions receiving deposits and financial institutions such as maintenance of percentage of assets, creation of reserve fund etc. However, note that the exemption from Section 45-IA (Requirement of registration and net owned fund) of RBI Act is still applicable to HFIs. It has further been stipulated that the notification withdrawing the exemption under Section 45-NC (Power of bank to exempt) of the RBI Act will be issued separately.

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    These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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