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Rajiv Rinn Yojana (RRY) – The Ministry of Housing and Urban Affairs (MoHUA), GoI
revised the Interest Subsidy Scheme and renamed it as Rajiv Rinn Yojana (RRY), as an
additional instrument for addressing the housing needs of EWS/LIG segments in urban areas
with increase in limit of eligible housing loans from `1 lakh to `5 lakh. Rajiv Rinn Yojana is
effective from October 01, 2013. Under RRY, the amount of loan was revised up to `5 lakh
for EWS and `8 lakh for LIG beneficiaries. However, the interest subsidy was made available
for a maximum `5 lakh for both categories of beneficiaries. The eligible lending institutions
under the Scheme were SCBs, HFCs and RRBs. NHB and HUDCO were the 2 nodal agencies
under the Scheme. An Interest Subsidy of 5% was provided to the eligible borrowers availing
housing loans from the financial institutions, on quarterly basis for the loan tenure of 15-
20 years. Income of the borrowers was to be certified by State Level Nodal Agencies as per
the Guidelines of MoHUA. Under Rajiv Rinn Yojana (RRY), 28 (Twenty Eight) MoUs were
signed by Primary Lending Institutions (PLIs) with NHB. In terms of the communication
F No. 14013/9/2014-H/FTS-11839 dated April 16, 2015 from MHUPA (now MoHUA), GoI
the Scheme of Rajiv Rinn Yojana (RRY) has ceased to exist. During the year 2020-21 (July-
June), no subsidy disbursements were made by NHB as CNA. Till June 30, 2021, subsidy
claims of `56.31 lakh have been disbursed to 231 beneficiaries through 5 PLIs.
3.5.2 Equity Participation
In terms of the mandate given to NHB towards the promotion and development of the
housing finance system in the country, NHB participates in the equity share capital of HFCs
and other related companies. Currently, NHB is a participant in the equity share capital of
five institutions, viz.
1) Cent Bank Home Finance Limited (CBHFL): CBHFL, a subsidiary of Central Bank of
India is an HFC registered with NHB. The total investment made by NHB in the equity
share capital of CBHFL as on June 30, 2021, is `5.10 crore.
2) Central Registry of Securitization Asset Reconstruction and Security Interest of India
(CERSAI): CERSAI is a company licensed under Section 25 of the Companies Act. The
object of the CERSAI is to maintain and operate a Registration System for the purpose
of registration of transactions of securitization, asset reconstruction of financial assets
and creation of security interest over property, as contemplated under Chapter IV of
the Securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (SARFAESI Act). The total investment made by NHB in the equity
share capital of CERSAI as on June 30, 2021, is `2.44 crore.
3) Tamil Nadu Infrastructure Fund Management Corporation Limited (TNIFMC):
TNIFMC is an Asset Management Company incorporated under the Companies Act,
2013 and has been promoted by Tamil Nadu Investment Development Board (TNIDB),
Annual Report 2020-21 | 231
revised the Interest Subsidy Scheme and renamed it as Rajiv Rinn Yojana (RRY), as an
additional instrument for addressing the housing needs of EWS/LIG segments in urban areas
with increase in limit of eligible housing loans from `1 lakh to `5 lakh. Rajiv Rinn Yojana is
effective from October 01, 2013. Under RRY, the amount of loan was revised up to `5 lakh
for EWS and `8 lakh for LIG beneficiaries. However, the interest subsidy was made available
for a maximum `5 lakh for both categories of beneficiaries. The eligible lending institutions
under the Scheme were SCBs, HFCs and RRBs. NHB and HUDCO were the 2 nodal agencies
under the Scheme. An Interest Subsidy of 5% was provided to the eligible borrowers availing
housing loans from the financial institutions, on quarterly basis for the loan tenure of 15-
20 years. Income of the borrowers was to be certified by State Level Nodal Agencies as per
the Guidelines of MoHUA. Under Rajiv Rinn Yojana (RRY), 28 (Twenty Eight) MoUs were
signed by Primary Lending Institutions (PLIs) with NHB. In terms of the communication
F No. 14013/9/2014-H/FTS-11839 dated April 16, 2015 from MHUPA (now MoHUA), GoI
the Scheme of Rajiv Rinn Yojana (RRY) has ceased to exist. During the year 2020-21 (July-
June), no subsidy disbursements were made by NHB as CNA. Till June 30, 2021, subsidy
claims of `56.31 lakh have been disbursed to 231 beneficiaries through 5 PLIs.
3.5.2 Equity Participation
In terms of the mandate given to NHB towards the promotion and development of the
housing finance system in the country, NHB participates in the equity share capital of HFCs
and other related companies. Currently, NHB is a participant in the equity share capital of
five institutions, viz.
1) Cent Bank Home Finance Limited (CBHFL): CBHFL, a subsidiary of Central Bank of
India is an HFC registered with NHB. The total investment made by NHB in the equity
share capital of CBHFL as on June 30, 2021, is `5.10 crore.
2) Central Registry of Securitization Asset Reconstruction and Security Interest of India
(CERSAI): CERSAI is a company licensed under Section 25 of the Companies Act. The
object of the CERSAI is to maintain and operate a Registration System for the purpose
of registration of transactions of securitization, asset reconstruction of financial assets
and creation of security interest over property, as contemplated under Chapter IV of
the Securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (SARFAESI Act). The total investment made by NHB in the equity
share capital of CERSAI as on June 30, 2021, is `2.44 crore.
3) Tamil Nadu Infrastructure Fund Management Corporation Limited (TNIFMC):
TNIFMC is an Asset Management Company incorporated under the Companies Act,
2013 and has been promoted by Tamil Nadu Investment Development Board (TNIDB),
Annual Report 2020-21 | 231
