• search
For Mumbai Updates
Allow Notification  

RBI raises shareholding in NHB by pumping in Rs 1,000 cr

By PTI
|

Mumbai, Jan 15: Reserve Bank has increased its shareholding in National Housing Bank by contributing Rs 1,000 crore towards the paid capital.

"The Reserve Bank has contributed Rs 1,000 crore towards the paid up capital of the National Housing Bank on January 12, 2016, thereby increasing its shareholding in the NHB from Rs 450 crore to Rs 1,450 crore," RBI said in a release today.

RBI

The move is aimed at facilitating NHB to expand financial operations given the demand for housing in the country. RBI had provided for an amount of Rs 1,000 crore during the accounting year 2014-15, specifically towards capital contribution to the NHB, which is its wholly owned subsidiary, it added.

"This would help NHB to expand its financial operations as envisaged under the NHB Act, 1987," RBI said further.

Finance Ministry in December had notified an increase in authorised capital of NHB from Rs 450 crore to Rs 1,450 crore to enable RBI to augment its shareholding in NHB. Set up in 1988, NHB is an apex level institution for housing, keeping in view the non-availability of long-term finance to individual households as a major lacuna impeding progress of housing sector in the country.

Also, the government has set an ambitious target of 'Housing for All' by 2022.

PTI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more