Question
The Reserve Bank of India (RB
- I has canceled the Certificate of Registration of Chennai-based Ind Bank Housing Ltd. HUDCO and which bank are the major shareholders of this housing finance company?Â
Solution
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of Chennai-based Ind Bank Housing Ltd. Indian Bank and HUDCO (Housing and Urban Development Corporation Ltd) are major shareholders in the housing finance company, holding 51 per cent and 25 per cent stake, respectively. The company was set up in 1991. The housing finance company’s net loss widened to ₹55.78 lakh in FY23 against ₹12.93 lakh in FY22.
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