No. DOR.048/ED(SS)–2020.—In exercise of the powers conferred by clause (b) of sub-section (1) of Section 29A of National Housing Bank Act, 1987 (53 of 1987), the Reserve Bank of India hereby specifies the net owned fund of twenty crore rupees for housing finance institution which is a company to
commence housing finance as its principal business or carry on the business of housing finance as its principal business.
Provided that a housing finance institution which is a company holding a Certificate of Registration issued under Section 29A of National Housing Bank Act, 1987 and having net owned fund less than twenty crore rupees, may continue to carry on the business of housing finance institution, if such company achieves net owned fund of fifteen crore rupees before April 01, 2022 and twenty crore rupees before April 01, 2023.
RESERVE BANK OF INDIA NOTIFICATION No. DOR.049/CGM(MM)–2020.—In exercise of the power conferred by section 45-NC of the
Reserve Bank of India Act, 1934, and in supersession of the earlier notification No. DOR. 047/CGM (MM)- 2019 dated 19th November, 2019 (published in Extraordinary- Part III – Section 4 of the Gazette of India
dated 19th November 2019) on the subject, the Reserve Bank of India, on being satisfied that it is necessary to do, hereby declares that the provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company which is a Housing Finance Institution as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987).
