Page 16 - Banking Finance AUGUST 2015
P. 16
HOUSING
HOUSING
ICICI may pass on hous- Fullerton India gets nod to take up housing finance biz
ing finance arm by November
ICICI Bank is considering either to Fullerton India, a non-banking finance It will provide customers access to a
farm out its housing finance arm - company, plans to enter mortgage diversified loan portfolio across loan
ICICI Home Finance - or roll back business as it has received license to against property, mortgage loans and
set up a housing finance subsidiary. home loans segments. The average
into the parent bank following the ticket size for these loans will be in the
notification given by RBI that the National Housing Bank has accorded range of Rs 6-7 lakh.
banking bodies should conduct permission to Fullerton India to set up
home finance business in-house fully-owned subsidiary as Fullerton In- Adding to the development, Fullerton
rather than duplicate the process dia Home Finance Company Limited India MD Shantanu Mitra said, "Cur-
through a wholly owned subsidiary. (FIHFC). The housing fi-
nance company would start rently, there is a huge de-
Other banks with housing finance its business by November mand in affordable hous-
arms have already diluted stake and with an initial paid-up capi- ing segment. The govern-
do not have wholly owned subsidiar- tal of Rs 100 crore. ment has also demon-
ies. For new banks that are seeking strated its focus to ad-
a licence, the RBI has already made The new company will dress this shortage
this a precondition and the guide- largely cater to affordable through the 'Housing for
lines state that where NBFC seeking housing in the lower and All 2022' policy."
a bank licence has a home finance middle income segments through Ful-
arm, the home finance activity lerton India's network of 445 branches. The company is in a good position to
should be transferred to the bank. At present, the NBFC has about 11 lakh be able to cater to this burgeoning de-
customers. mand through our new housing finance
subsidiary, he added.
Rishabh Gupta appointed as the interim
CEO of housing.com
Realty portal housing.com has appointed Rishabh Gupta as in-
terim CEO after it sacked co-founder and ex-CEO Rahul Yadav
Gupta, who is currently chief operating officer (COO) in the
SoftBank-backed portal, has been named as interim CEO with
immediate effect. Rishabh Gupta, Haresh Chawla and Abhishek Anand (Chief
Technical Officer) will be joining the company's operating committee soon.
16 | 2015 | AUGUST | BANKING FINANCE
