The first mortgage guarantee company in the country is all set to take off with the Reserve Bank of India giving its green signal for the venture to commence operations.
The RBI has given a certificate of registration for India Mortgage Guarantee Corporation (IMGC), the first mortgage guarantee company to be registered with the regulator.
In February 2008, the central bank had come out with a separate regulatory framework for mortgage guarantee companies, spelling out the minimum capital requirement and stipulating that they cannot accept public deposits or raise funds abroad.
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