Executive Summary:
This notification from the National Housing Bank (NHB) amends the Housing Finance Companies NHB Directions, 2010. It revises regulations concerning public deposits, Net Owned Funds (NOF), and minimum capital ratios for housing finance companies (HFCs). Key deadlines for compliance are set for March 31st of 2020, 2021 and 2022.
Key Points / Main Content:
Public Deposits:
* HFCs with a minimum investment-grade credit rating and compliance with prudential norms may accept public deposits up to three times their NOF.
Aggregate Deposits and Assistance:
* Limits are set on total deposits (including public deposits and amounts under Section 45 I of the Reserve Bank of India Act, 1934), along with loans or assistance from NHB, as a multiple of NOF:
* Maximum 14 times NOF on or after March 31, 2020.
* Maximum 13 times NOF on or after March 31, 2021.
* Maximum 12 times NOF on or after March 31, 2022.
Net Owned Fund (NOF):
* NOF is defined under paragraph 2(1u) of the Directions, based on audited accounts as of March 31st of the previous year.
* Capital infusion after the balance sheet date may be considered for determining limits.
Capital Ratio:
* HFCs must maintain a minimum capital ratio (Tier I and Tier II capital) against risk-weighted assets:
* Minimum 13% on or before March 31, 2020.
* Minimum 14% on or before March 31, 2021.
* Minimum 15% on or before March 31, 2022, and thereafter.
* Tier I capital must be at least 10% at any time.
Impact Analysis:
Housing Finance Companies (HFCs):
* Impact: HFCs must comply with revised regulations on public deposits, aggregate deposits, and capital ratios, affecting their financial operations and fundraising strategies.
* Action Required: HFCs must adjust their deposit acceptance policies, monitor their NOF and capital adequacy ratios, and ensure compliance by the specified deadlines.
National Housing Bank (NHB):
* Impact: The NHB is responsible for enforcing these amended directions and ensuring the stability of the housing finance system.
* Action Required: The NHB needs to oversee and monitor HFC compliance with the new regulations.
Key Entities Referenced
National Housing Bank: An organization that regulates the housing finance system in India.
National Housing Bank Act, 1987: The Act that confers powers to the National Housing Bank.
Housing Finance Companies NHB Directions, 2010: A set of directions issued by the National Housing Bank to regulate Housing Finance Companies (HFCs).
Reserve Bank of India Act, 1934: An act of the Parliament of India to constitute Reserve Bank of India
New Delhi: The location where the notification was issued.
TierI capital: A component of a bank's capital, representing its core equity capital.
TierII capital: A component of a bank's capital, considered as supplementary capital.
NOF: Net Owned Fund, which is relevant for determining deposit limits for Housing Finance Companies.
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3148 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
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[िव(cid:3)ापन-III@4@असा.@108/19]
NATIONAL HOUSING BANK
NOTIFICATION
New Delhi, the 17th June, 2019
No.NHB.HFC.DIR.22/MD&CEO/2019.—In exercise of the powers conferred by Sections 30A
and 31 of the National Housing Bank Act, 1987 (53 of 1987) and of all the powers enabling it in this behalf,
the National Housing Bank, having considered it necessary in the public interest, and on being satisfied that
for the purpose of enabling it to regulate the housing finance system of the country to its advantage, it is
necessary so to do, hereby directs that the Housing Finance Companies (NHB) Directions, 2010 (hereinafter
referred to as the principal Directions) shall, with immediate effect, be amended in the following manner,
namely –
2. Amendment to Paragraph 3
(a) In clause (i) of sub-paragraph (1) of Paragraph 3 of the principal Directions, the following shall be
substituted, namely
(i) a housing finance company having obtained credit rating for its fixed deposits not below the
minimum investment grade rating as above and complying with all the prudential norms, may accept
public deposits not exceeding three times of its NOF.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
(b) In sub-paragraph (2) of Paragraph 3 of the principal Directions, the following shall be substituted,
namely -
(2) 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, in excess of
(i) fourteen times of its NOF on or after March 31, 2020;
(ii) thirteen times of its NOF on or after March 31, 2021; and
(iii) twelve times of its NOF on or after March 31, 2022.
(c) After sub-paragraph (2) of Paragraph 3 of the principal Directions, the following shall be inserted
Note: NOF for the purpose of determination of the above limits shall mean “net owned fund” as defined
under sub-paragraph 1(u) of paragraph 2 of these Directions and with respect to its position as per the
audited accounts as on March 31st of the previous year. Infusion of capital after such balance sheet date
may, however, be taken into account for determining the limits.
(d) In sub-paragraph (3) of Paragraph 3 of the principal Directions, the following words shall be deleted,
namely-
“as on the date of commencement of these directions”
3. Amendment to Paragraph 30
In sub-paragraph (1) of Paragraph 30 of the principal Directions, the following shall be substituted, namely
-
(1) Every housing finance company shall, maintain a minimum capital ratio consisting of Tier-I and Tier-II
capital which shall not be less than-
(i) 13% on or before March 31, 2020;
(ii) 14% on or before March 31, 2021; and
(iii) 15% on or before March 31, 2022 and thereafter
of its aggregate risk weighted assets and of risk adjusted value of off-balance sheet items.
The Tier-I capital, at any point of time, shall not be less than 10%.
DAKSHITA DAS, Managing Director & Chief Executive Officer
[ADVT.–III/4/Exty./108/19]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.