GS PrelimsEconomyFinancial Institutions and Financial markets2007

The National Housing Bank was set up in India as a wholly-owned subsidiary of which one of the following?

State Bank of India

Reserve Bank of India

ICICI Bank

life Insurance Corporation of India

Correct Answer: Option B

Explanation

1. The National Housing Bank (NHB) was set up on July 9, 1988, under the National Housing Bank Act, 1987. 2. It was established as a wholly-owned subsidiary of the Reserve Bank of India (RBI) to operate as a principal agency to promote housing finance institutions. 3. Later, in 2019, the ownership was transferred from RBI to the Government of India, but at the time of its setup (as the question implies), it was an RBI subsidiary.

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