Sunday, January 27, 2008

NHB to set up first mortgage firm



    Indias first motgage guarantee company was set up by national housing bank and US based  aig united guarantee with asian development bank on international finance corporation.According to the agreement  arrived among the partners a few months back

NHB will hold 43 percent stake.

   The shareholding requires internal approvals from each partner company.Yesterday the Reserve Bank of India relaxed the norms for registration and operation of mortgage guarantee companies in its revised draft guidelines in India.


    A MCG  has to have a minimum net own fund of rs  hundred crore at the time of commencement according to the revised norms. There are a large number of entreprenuars who are creditworthy but donot get loans from banks.


ASEEM DHRU appointed HDFC security chief.


HDFC securites  has appointed Aseem Dhru  as subsidiary company of HDFC bank in Mumbai. Prior to this Dhru was with HDFC bank  as its executive vice president, head of

Business banking, motgages. In his new role at HDFC securities he will oversee and drive strategies to further enhance the growth of the company.

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