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RBI sells off its stake in NHB, Nabard to Centre

PW Bureau

The sale was carried out on the basis of a recommendation of the second Narasimham committee report and a discussion paper prepared by the RBI

New Delhi: The Reserve Bank of India (RBI) has sold its entire stake in National Housing Bank (NHB) and the National Bank for Agriculture and Rural Development (Nabard) for Rs 1,450 crore and Rs 20 crore, respectively, to the government. A statement released by the RBI said on Wednesday that it sold its stake in NHB on March 19, while it sold the stake in Nabard on February 26.

Govt now holds 100% stake in these institutions

“With this, the government now holds 100 percent stake in both these financial institutions,” the RBI statement said.

The sale was carried out on the basis of a recommendation of the second Narasimham committee report and the discussion paper prepared by the RBI on ‘harmonising the role and operations of development financial institutions and banks,’ the Central bank said.