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ARTICLE · 09 JANUARY 2020

RBI Issues Master Direction On Mortgage Guarantee Companies

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The RBI has issued master direction on mortgage guarantee companies.

IndiaCorporate/Commercial Law
Sumes Dewan
Sumes Dewan

RBI issues master direction on mortgage guarantee companies

The RBI has issued master direction on mortgage guarantee companies. These directions provide a framework for the registration and operation of mortgage guarantee companies in India. These directions are required to be complied by every mortgage guarantee companies undertaking the business of mortgage guarantee.

  • RBI made the move keeping in consideration the public interest attached. It also mentioned that the same was important for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Mortgage Guarantee Company from being conducted in a manner detrimental to the interest of investors or in any manner prejudicial to the interest of such MGCs and in exercise of the powers conferred under section 45JA of Reserve Bank of India Act, 1934 (Act 2 of 1934).

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