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Are public deposits of Housing Finance Companies guaranteed by NHB?

April 26, 2017companies deposits Finance guaranteed HOUSING nhb public

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Are public deposits of Housing Finance Companies guaranteed by NHB?

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No. The depositor is advised to satisfy himself about the financial position and all relevant aspects before placing his deposit with the HFC. A person making public deposits with HFCs should satisfy himself that it holds a valid certificate of registration for accepting public deposits from NHB. NHB while issuing certificate of registration to an HFC specifically mentions whether or not it can accept public deposits.