RBI UNVEILS NORMS FOR MORTGAGE FIRMS
The Reserve Bank of India
(RBI) unveiled draft guidelines
for mortgage guarantee firm,
stipulating minimum net
owned funds of Rs.100 crore
at the time of commencement
of business, to be augmented
to Rs.300 crore within three
years from the date of
commencement of business.
RBI also stipulated that
such companies maintain
12% of their aggregate
risk weighted assets as the
minimum capital adequacy
ratio or any other percentage
that may be prescribed by
the RBI for the purpose, from
time to time. A mortgage guarantee company
will also have to maintain at
least 8% of its aggregate risk
weighted assets as Tier 1
capital. No single guarantee for
a housing project can exceed
10% of the company’s Tier I
and Tier II capital.
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