National Housing Bank:
Aviom India Housing Finance has informed its creditors about an ongoing audit by the National Housing Bank (NHB) following the discovery of fraudulent transactions during a recent onsite supervisory inspection.
- National Housing Bank (NHB) is an apex agency established to promote housing finance companies (HFCs) in India.
- It is an All-India Financial Institution (AIFl) wholly owned by the Government of India (GoI).
- It supervises HFCs, while regulation of HFCs is with the Reserve Bank of India (RBI).
- The National Housing Policy, 1988, envisaged the setting up of NHB as the apex-level institution for housing.
- In pursuance of the above, NHB was set up on July 9, 1988, under the National Housing Bank Act, 1987.
- RBI contributed the entire paid-up capital.
- The broad functions of NHB as a part of its objective of building a strong, healthy, cost-effective, and viable Housing Finance System include:
- Supervision and grievance redressal regarding HFCs
- Financing
- Promotion and Development.
- NHB RESIDEX: It is the country’s first official housing price index (HPI). It captures movements in the prices of residential real estate prices.
