The Reserve Bank of India (RBI) vide notification dated December 29, 2022 has updated the Master Directions – Mortgage Guarantee Companies (Reserve Bank) Directions, 2016. The amendment has provided the guidelines the Mortgage Guarantee Companies shall comply with while declaring dividends. MGCs that meet the following minimum prudential requirements shall be eligible to declare dividend:
(i) MGCs shall have met the capital adequacy requirement prescribed under paragraph 9 of the Master Direction in each of the last three financial years including the financial year for which the dividend is proposed.
(ii) The net NPA ratio shall be less than six per cent in each of the last three years, including as at the close of the financial year for which dividend is proposed to be declared.
(iii) Unless exempted, MGCs shall comply with the provisions of Section 45 IC of the RBI Act, 1934.
(iv) MGCs shall be compliant with the prevailing regulations/ guidelines issued by the Reserve Bank. The Reserve Bank shall not have placed any explicit restrictions on declaration of dividend.
NMC Sets 2 PM Deadline for Fee Payments on Closing Dates to Avoid Gateway Overloads
21 December 2024
The NMC has observed a recurring problem of payment gateway overloads due to a high volume of transactions on application closing dates. To address
