The Reserve Bank of India (RBI) on March 21, 2024, issued the notification regarding the Updated Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021.
The following has been stated namely: -
• This is for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Housing Finance Company (HFCs) from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such HFCs.
• This is in the exercise of the powers conferred under sections 45L and 45MA of the Reserve Bank of India Act, 1934, and Sections 30, 30A, 32, and 33 of the National Housing Bank Act, 1987.
[Notification No. RBI/2020-21/73]
