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Mortgage Guarantee Coimg To India

The Reserve Bank of India (RBI) has released the final guidelines for registration and operation of mortgage guarantee companies (MGCs) in India. the Reserve Bank first issued draft guidelines on Registration and Operations of Mortgage Guarantee Company on April 2, 2007. The guidelines says that a mortgage guarantee company shall commence the business of providing mortgage guarantee after obtaining a certificate of registration from the Reserve Bank of India; and having a net owned fund of Rs 1 billion or such other higher amount, as the Reserve Bank of India may, by notification, specify. According to RBI regulations, the foreign direct investment (FDI) to be eligible for investment in the equity of an MGC should have prior approval of the Foreign Investment Promotion Board (FIPB). The Reserve Bank has today placed the prudential norms and investment norms applicable to Mortgage Guarantee Companies on the Reserve Bank’s website www.rbi.org.in

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