What does NHB Stand for?
The Full form of NHB is the National Housing Bank. It is the overall regulatory body in licensing for companies in the field of housing finance. To put it candidly, NHB is to housing finance companies as the Reserve Bank of India is for Indian Banks. The NHB is under the direct jurisdiction of the Ministry of Finance and was set up on the 9th of July 1888, under the National Housing Bank Act, 1986. Apart from learning the full form of NHB, here are some necessary facts you might need to know.
NHB Quick Facts
- Full form of NHB -National Housing Bank
- The national housing bank was established in 1987 to operate as a principal agency and promote Housing Finance institutions across multiple levels.
- Recently, the Finance Act 2019 has amended the original National Housing Bank Act, 1987. This amendment transferred the powers of regulating Housing Finance Corporation to the Reserve Bank of India - RBI.
- During the seventh five-year plan (1985-90), it was established and identified a lack of availability for long-term finance for individual households. This required a national-level institution to be involved in growth and development in the housing sector, and thus NHB was born.
- The primary ambition of the bank is best established in the vision statement of the bank “promoting inclusive expansion with stability in the housing market” and its mission statement “to harness and promote the market potentials to serve the housing needs of all segments of the population with the focus on low and moderate-income housing.”
- Over the years, they have succeeded in promoting a network of housing financial institutions, commonly abbreviated as HFCs, to serve the needs of individuals across diverse regions, ethnicities, and income groups. Housing credit has become affordable since its creation in 1988, and the real estate and housing sector has shown significant growth in the following years - in large part due to the effort of the National Housing Bank.
We hope this information was useful to you. Like the full form of NHB, you can learn from others our articles. This would be extremely beneficial for a banking exam.
Also, Check:
- IVB Full Form
- APGVB Full Form
- IIFL Full Form
- KVB Full Form
- CIBIL Full Form
- HSBC Full Form
- LIC Full Form
- CUB Full Form
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