Business Daily from THE HINDU group of publications
Thursday, Jan 17, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 17, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Mortgage Mortgage guarantee cos to be treated as NBFCs Our Bureau Mumbai, Jan. 16 A Mortgage Guarantee Company will be treated as a Non-Banking Financial Company, said an RBI notification. The notification said that mortgage guarantee companies would be exempt from certain provisions of the RBI Act, which include requirement of registration, maintenance of liquid assets and creation and transfer to Reserve Fund a certain percentage of the net profit. “A separate regulatory framework is being prescribed for such companies,” the notification said. The Finance Minister, Mr P. Chidambaram, had in the Union Budget 2007-08 announced that regulations would be put in place to allow the creation of mortgage companies. More Stories on : Mortgage | NBFCs | RBI & Other Central Banks
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