RBI Proposes Aligning Housing Finance Companies With NBFCs, Enforcing 15% Liquid Assets for Deposit-taking HFCs
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- Last Updated on 17 January, 2024
Latest from Taxmann
Press Release: 2023-2024/1678, Dated 15-01-2024
RBI proposes changes in regulations for Housing Finance Companies (HFCs), aligning them with NBFCs. Deposit-taking HFCs must maintain liquid assets at 15% of public deposits, phased in gradually. Safe custody rules for liquid assets to align with NBFCs. HFCs are to be permitted to issue co-branded credit cards with commercial banks for two years, subject to RBI approval and subsequent review. The aim is to harmonize regulatory frameworks and enhance the financial stability of HFCs.
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