Latest news with #AviomIndiaHousingFinance
Time of India
16-07-2025
- Business
- Time of India
NHB goes public with refinance list to curb misuse
Mumbai: For the first time, the National Housing Bank (NHB) has publicly disclosed the list of beneficiaries under its refinance scheme in a bid to enhance transparency and prevent the misuse of its name by lending institutions. The decision comes after it was discovered that fraud-hit Aviom India Housing Finance had been allegedly using outdated NHB refinance sanction letters, some as old as three to four years, to secure loans from banks. Explore courses from Top Institutes in Select a Course Category healthcare Operations Management Project Management Data Science Artificial Intelligence Finance Others Design Thinking Leadership Degree MBA Management Cybersecurity Healthcare CXO others Product Management Digital Marketing Data Science Public Policy Technology MCA Data Analytics PGDM Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details "The NHB wants to ensure that incidents like Aviom are not repeated. By making its refinance list public, it aims to prevent unscrupulous entities from misusing its name to secure loans from other financial institutions," said the CEO of a housing finance company. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More Undo The NHB has now released the names of nearly 50 housing finance companies (HFCs) that received refinance assistance in FY25. The list includes prominent players such as LIC Housing Finance , PNB Housing Finance , Can Fin Homes , and Aadhar Housing Finance , among others. Live Events By making this data public, the regulator aims to enable lenders and market participants to independently verify refinance claims and prevent potential misuse of NHB's credentials in raising funds. Aviom India Housing Finance is currently under investigation by NHB for allegedly misusing refinance funds and diverting them into fraudulent mutual fund investments. The company's practices triggered regulatory concern about the broader risks of opaque refinancing disclosures in the sector. NHB plays a critical role in the mortgage ecosystem by offering refinance facilities to HFCs against the housing loans they extend, particularly in the affordable housing segment. This refinancing enables housing finance companies to access low-cost, long-term funds, which can then be passed on to homebuyers in the form of more affordable interest rates. Industry sources told ET that under its new leadership, NHB has also reformed the refinance disbursal process to ensure a more equitable distribution of funds across the sector. "Earlier, a sizeable chunk of refinance was cornered by a few large HFCs. But the new NHB leadership has implemented an internal formula that ensures all notable HFCs receive access to low-cost funds based on the size and growth of their business," said the CEO at another housing finance company. NHB's refinance assistance remains a vital source of long-term liquidity for the housing finance sector.
Reuters
27-01-2025
- Business
- Reuters
India central bank supersedes board of Aviom India Housing Finance on governance concerns
Jan 27 (Reuters) - The Reserve Bank of India (RBI) said on Monday it has superseded the board of Aviom India Housing Finance due to governance concerns and defaults in meeting payment obligations. The central bank will start a resolution process of the housing finance company under the Insolvency and Bankruptcy rules, the RBI said. Ram Kumar, the former chief general manager of state-run Punjab National Bank ( opens new tab, has been appointed as the administrator for the housing finance company. Aviom India Housing Finance caters to low-income households in semi-urban areas and provides loans to women borrowers who do not have any formal income documentation. CRISIL in November downgraded its long-term rating on the bank facilities and non-convertible debentures of Aviom India Housing Finance due to liquidity issues and expected delays in interest payments. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
