HFCs shall qualify as Financial Institutions under SARFAESI Act

The Reserve Bank of India through circular dated August 25, 2021 has notified Housing Finance Companies (HFCs) as ‘Financial Institutions’. The HFCs registered under of National Housing Bank Act, 1987 and having assets worth ₹100 crore & above, shall qualify as ‘Financial Institution’ under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

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