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[RBI] Withdrawal of exemptions granted to Housing Finance Institutions

RBI Notification DOR NBFC (PD) CC.No.105/03.10.136/2019-20 dated November 11, 2019 reads as follows.—

Please refer to Para 1 of our Master Direction – Exemptions from the provisions of RBI Act, 1934.

2.  Housing Finance Institutions as defined under Clause (d) of Section 2 of the National Housing Bank Act, 1987 are currently exempt from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934. On a review, it has been decided to withdraw these exemptions and make the provisions of Chapter IIIB except Section 45-IA of Reserve Bank of India Act, 1934, applicable to them.

4.  Necessary notification withdrawing the exemption under Section 45 NC of the RBI Act, 1934 shall be issued separately.

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