Panthoibi first RBI licensed housing company in NE: Hemo
Source: Chronicle News Service
Imphal, September 07 2022:
Panthoibi Housing Finance Company Limited has become the first housing company in the northeast region to be granted a license by the Reserve Bank of India (RBI) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.Announcing this at a press meet held in connection with the 17th Foundation Day celebration of Panthoibi Housing Finance Company Limited at its Uripok Tourangbam Leikai office on Wednesday, Company chairman and managing director Thokchom Hemo said that there are only 96 licensed Housing finance companies specified by the Ministry of Finance's Department of Financial Services under the SARFAESI Act 2002 and regulated by RBI, and also registered under the National Housing Bank.
There are also 15 companies in the Public Deposit Expert group and 80 in Non-Public Deposit Expert group.
Panthoibi Housing Finance Company Limited is mentioned at Serial no.16 in the list of the 80 Non-Public Deposit Expert group.
It is a proud moment for the state to be able to operate a financial institution successfully, he said, while urging the people to be wary of financial institutions promising high returns in the name of micro finance.
He then said that the Company will continue branching out in all remote areas of the state and in the neighbouring countries and as such, urged the people to cooperate with the Institution including repaying the loans in time and availing the benefits of Loan Against Property (LAP).
Hemo then said that previous assumption of depositing huge amount of money without having any knowledge of the type of financial institution is no longer practical in present times.
Not only is it illegal, this will also not bring any changes to the state or in cases of emergencies.
People should first understand the difference between public and private companies and the type of investment policy before taking any action, he advised.