NATIONAL HOUSING BANK
(Wholly owned by the Reserve Bank of India )
THE HOUSING FINANCE COMPANIES (NHB) DIRECTIONS, 2001
Direction No. NHB.HFC.DIR.4/CMD/2003 dated 31 st January, 2003
In exercise of the powers conferred by sections 30A and 31 of the National Housing Bank Act, 1987 (53 of 1987) and all the powers enabling it in this behalf, the National Housing Bank being satisfied that it is necessary in the public interest so to do, hereby directs that the existing sub-paragraph (3) of Paragraph 3 of the Housing Finance Companies (NHB) Directions, 2001 shall, with immediate effect be substituted by the following, namely:-
(3) No housing finance company shall have deposits inclusive of public deposits, the aggregate amount of which together with the amounts, if any, held by it which are referred in clauses (iii) to (vii) of sub-section (bb) of section 45 I of the Reserve Bank of India act, 1934 (2 of 1934) as also loans or other assistance from the National Housing Bank, is in excess of sixteen times of its NOF.
Chairman & Managing Director