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Reserve Bank of India has invited comments from stakeholders by July 15 on the same. The RBI proposed guidelines related to Housing Finance Companies (HFCs). RBI has also invited comments from stakeholders by July 15 on the same. The RBI, while releasing the proposed changes in the regulatory framework, stated that the step should strengthen the capital base of small HFCs.
Changes proposed to be prescribed for HFCs are as follows:
With a view to avoiding dual regulation, HFCs were granted exemptions from the Chapter IIIB of the RBI Act, 1934[1] under a notification by exercising the powers under section 45NC of the RBI Act, 1934. As the regulations of HFCs were transferred to RBI, it was decided to withdraw these exemptions, and the provisions of Chapter IIIB except section 45-IA of the RBI Act is made applicable to all HFCs.
It seems to be a professional where a transition is made to the RBI, and it would turn out as a change for better.
The term “providing finance for housing” or “housing finance” means financing for purchase or construction or reconstruction or a renovation or repairs of residential dwelling units which includes the following:
RBI has intended to increase NOF (Net owned Fund) for Housing Finance Companies from Rs 10 Crore to Rs 20 crore, and the gliding will be increased systematically over a period of time for upgrading their capital structure. A period of 1 year to reach Rs 15 crores and two years to reach 20 crores has been proposed.
Other changes are as mentioned below.
Ind AS implementation has been implemented in NBFCs facilitating their growth as a powerful financial institution as per IFRS (International Financial Reporting Standards) instructions.
Housing Finance Companies too, would be facing the same implementation of accounting standards, especially in respect of:
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