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Sep 30, 2021

Notification of Housing Finance Companies as Financial Institution under SARFAESI Act

The Government of India on June 17, 2021 notified Housing Finance Companies (‘HFCs’) registered under the National Housing Bank Act, 1987 (‘NHB Act’) and having assets worth ₹ 1 billion (approx. US$ 13.57 million) and above, as ‘financial institutions’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI’).

Prior to this Notification, for an HFC to get notified as a ‘financial institution’ under SARFAESI and thereby use the benefits of SARFAESI, an application had to be made to the National Housing Bank apart from certain conditions being satisfied and additional compliances being met, as set out under the Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021. The RBI has, by its Circular dated August 25, 2021, withdrawn these requirements.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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