Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics On a daily basis that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is National Housing Bank.
National Housing Bank
Establishment: 9 th July 1988
HQ: New Delhi
Managing Director: Sarada Kumar Hota
National Housing Bank is a Government of India-owned entity which was set up on 9th July, 1988under the National Housing Bank Act, 1987. It is the apex financial institution for housing in India. It was set up on recommendations of Dr.C.Rangrajan Committee. The National Housing Bank Act, 1987 has been amended by the Finance Act, 2019 which gives
the power of regulation of Housing Finance Companies (HFCs) to the Reserve Bank of India. The main aim of setting up NHB is to promote housing finance institutions both at local and regional levels, even to provide financial and other support to such institutions. It has a vision of promoting inclusive expansion with stability in the housing finance market. NHB has a mission of promoting the market potentials to mitigate the housing needs of all segments of the population with the main focus on low and moderate-income housing. The objectives of the Government of India behind setting up NHB are to promote a network of dedicated housing finance institution to adequately serve various regions and different income groups, making housing credit more affordable and viable; to promote soundness, healthiness, viability, and cost-effectiveness of the housing finance system to serve all segments of the population and to integrate the housing finance system with the overall financial system, to encourage public agencies to participate in this the sector as facilitators and suppliers of service land for housing, to regulate the activities of housing finance companies based on regulatory and supervisory authority obtained under the Act.
NHB Currently in news:
RBI has divested its entire stake in National Housing Bank for Rs.1450 crore.
NHB’s survey suggests that sales of affordable homes improving which signals a recovery in the real estate sector.
NHB directs that States should reduce their stamp duty and registration fee for affordable houses. In August 2020, RBI gave facility to the NHB for affordable housing and rural lending in the second boost with Rs.10, 000 crore facilitation.