India Business News: PNB Housing Finance reported a 26% increase in net profit to Rs 338 crore for the third quarter. Total revenue fell to Rs 1,755 crore. Gross NPA declined to 1.73%.
PNB Housing Finance s net consolidated total income stood at Rs 1,756 crore in Q3 FY24, a dip of 2.26 per cent from Rs 1,796.52 crore it recorded in the similar quarter last year.
The Reserve Bank of India plans to tighten deposit mobilisation rules for housing finance companies like PNB Housing Finance and LIC Housing Finance to align them with other non-banking finance companies. HFCs without investment grade credit ratings will be barred from raising public deposits. The ceiling on public deposits for compliant HFCs will be reduced to 1.5 times net owned funds.