&
Ozg Registration, Approval & Licensing Group Ozg Center | Delhi | Mumbai | Kolkata | ChennaiPhone # 0091-98.11.41.58.31-37-61-72-84-92-94Website: RBIapproval.comEmail: license.consultant@ozg.co.inApply for FREE membership to getMultiple Value Added Services at One Place.Find more at -0zg.biz/membershipBOOK APPOINTMENT ONLINEwww.ozgcenter.org/appointmentRestriction on acceptance of deposits
3. (1) No housing finance
company shall accept or renew public deposits unless the housing finance
company has obtained minimum investment grade rating for its fixed deposits
from any one of the approved rating agencies, at least once a year and a copy
of the rating is sent to the National Housing Bank and it is complying with
all the prudential norms, provided that:
(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 five
times of its NOF.
(ii) a housing finance company which does not have the requisite
rating for its fixed deposits shall obtain the same within a period of six
months time from
the date of notification or such extended period as may be permitted by the
National Housing Bank, to obtain the prescribed rating for its fixed
deposits.
The names of approved credit rating agencies and
the minimum credit rating shall be as follows:-
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(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, is in excess of sixteen times of its NOF.
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(3) Where a housing finance
company holds as on the date of commencement of these directions public
deposits in excess of the limits specified in (1) above and as applicable to
it or deposits inclusive of the items mentioned in (2) above in excess of the
limits specified in (2) above, it shall –
(i) not accept fresh deposit or open new
deposit account; or
(ii)
not renew the existing deposit or
where the deposits are received under any recurring scheme, receive
installments under such scheme after the expiry of the scheme period;
(iii) reduce such excess deposit by repayment on maturity.
(4) In the event of down
gradation of the credit rating to any level below investment grade, the
housing finance company shall
(i) report the position within fifteen working
days to the National Housing Bank;
(ii) with immediate effect stop accepting fresh
public deposit and
(iii) reduce such excess deposit by repayment on
maturity.
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[1]
Inserted by
NHB.HFC.DIR.6/CMD/2012 dated 1st August, 2012 published in the
Gazette of India, Part III- Sec.4 dated ,2012. Prior to
substitution, the sub-paragraph (1) of paragraph 3 read as under:
“Approved Credit Rating
Agencies
The names of approved credit rating agencies for the time being are as
follows:-
(a) The Credit Rating Information Services of India Ltd. (CRISIL)
(b) ICRA Ltd.
(c) Credit Analysis & Research Ltd.(CARE)
(d) FITCH Ratings India Private Ltd.”.
