Budget 2019: NHB to retain power to inspect, penalise housing finance firms

NHB may also independently inspect the books of the HFCs, according to provisions of the Finance Bill, 2019

The National Housing Bank (NHB) will continue to inspect and penalise housing finance companies (HFCs), even as its regulatory powers will be shifted to the Reserve Bank of India (RBI), following the Union Budget announcement.
 
“The NHB will be the supervisor of HFCs and the RBI will take up the regulatory role. This will be akin to what the National Bank for Agriculture and Rural Development (Nabard) is to the regional rural banks, wherein the RBI continues to be their regulator,” a senior NHB executive said, requesting anonymity.
 
A senior finance ministry official said the RBI may direct