August 25, 2021<\/p>\n
All Housing Finance Companies (HFCs)
\nDear Sir\/ Madam,<\/p>\n
Please refer to Para 105 of Master Direction \u2013 Non-Banking Financial Company \u2013 Housing Finance Company (Reserve Bank) Directions, 2021 wherein certain criteria have been prescribed for notification of HFCs as \u2018Financial Institution\u2019 under Section 2(1)(m)(iv) of the SARFAESI Act.<\/p>\n
2. In this connection, Government of India (GoI) has, vide its Gazette Notification No. S.O. 2405(E) dated June 17, 2021 notified the HFCs registered under Section 29A(5) of National Housing Bank Act, 1987 and having assets worth \u20b9100 crore & above, as \u2018Financial Institution\u2019 under Section 2(1)(m)(iv) of SARFAESI Act, 2002. In view of revision of the criteria for notification as \u2018Financial Institution\u2019 as per the above mentioned Gazette notification of GoI, the criteria prescribed under Para 105 of the aforesaid Master Direction are withdrawn with immediate effect.<\/p>\n
3. The Master Direction \u2013 Non-Banking Financial Company \u2013 Housing Finance Company (Reserve Bank) Directions, 2021 is being modified accordingly.<\/p>\n
Yours faithfully,<\/p>\n
(J.P. Sharma)
\nChief General ManagerNotification as \u2018Financial Institution\u2019 under Section 2(1)(m)(iv) of Securitisation
\nand Reconstruction of Financial Assets and Enforcement of Security Interest
\nAct, 2002 (SARFAESI Act)<\/p>\n