RBI vide notification dated 11th November, 2019 has withdrawn exemptions granted to Housing Finance Institutions from the provisions of Chapter IIIB (provisions relating to non-banking institutions receiving deposits and financial institutions) of Reserve Bank of India Act, 1934.
Consequently, provisions of Chapter IIIB except Section 45-IA(Requirement of registration and net owned fund)of Reserve Bank of India Act, 1934 shall be applicable to them. Master Direction – Exemptions from the provisions of RBI Act, 1934 has been updated accordingly on RBI Portal.
The complete notification is attached herewith:
