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RBI withdraws some exemptions granted to HFIs.


Date: 12-11-2019
Subject: RBI withdraws some exemptions granted to HFIs
The Reserve Bank of India has withdrawn some exemptions granted to mortgage finance companies in terms of complying with regulations such as provisions and creation of reserve fund that would put them on par with other non-banking finance companies. This has followed the shift of regulation of housing finance companies to the Mint Street from the National Housing Bank. Many of the changes are technical in nature.

Like every NBFC, housing finances are too now mandated to create a reserve fund and transfer minimum 20% of its net profit every year to the fund before any dividend is declared. Earlier, HFCs were exempted from this clause.

These entities are now barred from appropriating sum from the reserve fund, unless there is specific direction from RBI. Every such appropriation has to be reported to within 21 days from the date of such withdrawal, RBI said,

Following the withdrawal of exemptions, the winding up clause for NBFC will also be applicable to housing finance companies if one fails to pay debt.

The government in its budget announced in July took away powers of the NHB to regulate mortgage finance companies. In step, RBI will now have the power to inspect HFCs statements submitted by HFCs.

Source: economictimes.indiatimes.com

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