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Piramal Finance Exits Housing Finance, Becomes NBFC-ICC

9 April 20251 min read
BANKING & FINANCEPiramal FinanceExits HousingFinance, BecomesNBFC-ICC9 April 2025safalsetu.com

Why in the news

Piramal Finance Ltd, once called Piramal Capital & Housing Finance, left the housing finance business and moved to another NBFC category.

Key facts

  • RBI issued a fresh Certificate of Registration on April 4, 2025 citing Section 45 IA of the RBI Act, 1934.
  • New status: NBFC-Investment and Credit Company (NBFC-ICC); no public deposits.
  • The Housing Finance Company registration was surrendered voluntarily, ending mortgage and home loan activity.

Significance

  • Focus moves to investment, credit and structured lending, with more room for non-housing loans.
  • Current home loan borrowers could be moved or handled under changed terms.

Exam angle

  • Category: NBFC-ICC; law: RBI Act 1934.

Test yourself

1. Under which section of the RBI Act, 1934 was Piramal Finance's new CoR granted?

The new CoR came under Section 45 IA of the RBI Act, 1934.

2. What is the new NBFC category of Piramal Finance?

RBI registered it as an NBFC-Investment and Credit Company.

3. Can Piramal Finance accept public deposits under its new classification?

It will not accept public deposits.

This topic is part of Daily Current Affairs 9 April 2025 (25 topics).

All topics of the dayDay quizApril 2025

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