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RBI says HFCs will be part of NBFCs

The Reserve Bank of India announced that housing finance companies (HFCs) will be treated as a category of NBFCs and that it will soon come out with a revised regulatory framework for these entities. In the Finance Act, 2019 the National Housing Bank Act, 1987 came to be amended, which conferred powers on RBI for regulation of HFCs. RBI said in a statement HFCs will henceforth be treated as one of the categories of non-banking financial companies for regulatory purposes and that RBI will carry out a review of the extant regulatory framework applicable to HFCs and come out with revised regulations in due course. In the meantime, HFCs will continue to comply with the directions issued by the National Housing Bank. The NHB will also continue to carry out supervision of HFCs and they will continue to submit various returns to NHB.

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