The board of directors of India Mortgage Guarantee Corporation (IMGC) has elected R.V. Verma as the Chairman of the company.
Verma is currently the Chairman & Managing Director of National Housing Bank (NHB), which has a 38 per cent stake in IMGC.
IMGC, which is now capitalised at Rs 120 crore, is the country’s first mortgage guarantee company.
This company will provide credit guarantee to banks and housing finance companies on behalf of the borrowers.
The primary clients for this company will be housing finance companies and banks that are at present responsible for a majority of mortgage lending in India.
At the first-ever board meeting held recently, it was also decided that the company would soon approach the Reserve Bank of India for certificate of registration, Verma said.
In all, the IMGC board has six directors comprising two nominees of NHB, two nominees of Genworth Financial and one each of International Finance Corporation (IFC) and Asian Development Bank (ADB).
While Genworth Financial Mauritius has picked up 36 per cent stake in IMGC, IFC and ADB has 13 per cent stake each in the company.
Besides Verma, the other NHB nominee is S.B. Mathur, former Chairman of Life Insurance Corporation. The two nominees of Genworth Financial, which has 36 per cent stake, are Stuart Take and Scott Mckay.
The other directors are Deepak Satwalekar (IFC nominee) and Pamela Lamoreaux (ADB Nominee).