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JC - Legal Updates - Criteria for HFC - SARFAESI Act

Legal Updates

26 Aug 2021

Criteria for HFC - SARFAESI Act

The criteria for recommendation and notification of Housing Finance Companies (“HFC”) as ‘Financial Institution’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”) has been withdrawn. The said criteria were included under the Master Directions - Non-Banking Finance Company - Housing Finance Company (Reserve Bank) Directions, 2021.

The Reserve Bank of India has taken the above mentioned step in light of the notification of Government of India issued earlier this year. The said notification had notified HFC having assets worth INR 100,00,00,000/- (Indian Rupees One Hundred Crore only) and above as a ‘Financial Institution’ under the SARFAESI Act.


For any further information, please contact Mr. Ankit Sinha (ankit.sinha@jclex.com) or Mr. Saurabh Sharma (saurabh.sharma@jclex.com).