The National Housing Bank was set up in India as a wholly-owned subsidiary of which one of the following?
Reviewed by Dalvoy
UPSC Civil Services preparation
- AState Bank of India
- BReserve Bank of IndiaCorrect
- CICICI Bank
- Dlife Insurance Corporation of India
Explanation
The National Housing Bank NHB was established on July 9 1988 under the National Housing Bank Act 1987. It was set up as a wholly owned subsidiary of the Reserve Bank of India RBI which provided the entire initial capital. The primary objective was to serve as a principal agency to promote housing finance institutions at both local and regional levels. It is important to note that following a government decision in 2019 the central government bought the entire stake from the RBI making NHB a government owned entity today. However at the time of its inception it was a wholly owned subsidiary of the Reserve Bank of India.
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