Subsidiaries of RBI
National Housing Bank (NHB)
National Housing Bank was set up on July 9, 1988 under the National Housing Bank Act, 1987 as a wholly-owned subsidiary of the Reserve Bank to act as an apex level institution for housing. NHB has been established to achieve, among other things, the following objectives:
→ To promote a sound, healthy, viable and cost effective housing finance system to all segments of the population and to integrate the housing finance system with the overall financial system.
→ To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups.
→ To augment resources for the sector and channelise them for housing.
→ To make housing credit more affordable.
→ To regulate the activities of housing finance companies based on regulatory and supervisory authority derived under the Act.
→ To encourage augmentation of supply of build able land and also building materials for housing and to upgrade the housing stock in the country.
→ To encourage public agencies to emerge as facilitators and suppliers of serviced land for housing.
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
The Reserve Bank established BRBNMPL in February 1995 as a wholly-owned subsidiary to augment the production of bank notes in India and to enable bridging of the gap between supply and demand for bank notes in the country. The BRBNMPL has been registered as a Public Limited Company under the Companies Act, 1956 with its Registered and Corporate Office situated at Bengaluru. The company manages two Presses, one at Mysore in Karnataka and the other at Salboni in West Bengal.
National Bank for Agriculture and Rural Development (NABARD)
National Bank of Agriculture and Rural Development (NABARD) is one of the subsidiaries where the majority stake is held by the Reserve Bank. NABARD is an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts. It also has the mandate to support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas.
Deposit Insurance and Credit Guarantee Corporation (DICGC)
With a view to integrating the functions of deposit insurance and credit guarantee, the Deposit Insurance Corporation and Credit Guarantee Corporation of India were merged and the present Deposit Insurance andCredit Guarantee Corporation (DICGC) came into existence on July 15, 1978. Deposit Insurance and Credit Guarantee Corporation (DICGC), established under the DICGC Act 1961, is one of the wholly owned subsidiaries of theReserve Bank. The DICGC insures all deposits (such as savings, fixed, current,and recurring deposits) with eligible banks except the following: (i) Deposits of foreign Governments; (ii) Deposits of Central/State Governments; (iii) Inter-bank deposits; (iv) Deposits of the State Land Development Banks with the State cooperative bank; (v) Any amount due on account of of any deposit received outside India; (vi) Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India. Every eligible bank depositor is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him.
(Visited 19 times, 1 visits today)