Question

Consider the following statements:

1. The National Housing Bank the apex institution of housing finance in India, was set up as a whollyowned subsidiary of the Reserve Bank of India

2. The Small Industries Development Bank of India was established as a whollyowned subsidiary of the Industrial Development Bank of India

Which of the statements given above is/are correct?

 (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2

Answer 1

(c) The National Housing Bank (NHB) is a state owned bank and regulation authority in India, created on July 8, 1988 under section 6 of the National Housing Bank Act (1987). The headquarters is in New Delhi. The institution, owned by the Reserve Bank of India, was established to promote private real estate acquisition. NHB is regulating and re-financing social housing programs and other activities like research and ITinitiatives, too. 

Small Industries Development Bank of India is an independent financial institution for the growth and development of micro, small and medium scale enterprises in India. Set up in 2 April, 1990 through an Act of Parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.