Reserve Bank of India tightens norms for deposit housing finance companies

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The story "Reserve Bank of India tightens norms for deposit housing finance companies" was covered 11 hours ago by Business Standard, a news publisher based in India.

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Reserve Bank of India tightens norms for deposit housing finance companies - Business Standard

Quick Summary:

Among other instructions issued in the revised guidelines, the RBI has stated that like NBFCs, all HFCs will now be allowed to hedge the risks arising out of their operations and to issue co-branded credit cards.

The RBI has also stated that public deposits accepted or renewed by HFCs have to be repayable after a period of 12 months or more but not later than 60 months.

Further, all HFCs have also been allowed to participate in interest rate futures exchanges, and non-deposit-taking HFCs, with over Rs 1,000 crore asset size, have been permitted to participate in the interest rate futures market on recognised stock exchanges, as trading members.