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Indian regulator asks large housing finance firms to hire chief risk officer

Indian housing finance regulator National Housing Bank is requiring large housing finance companies to appoint a chief risk officer to strengthen their risk management practices.

In a May 29 circular, NHB said housing finance firms with assets of more than 50 billion rupees should appoint a chief risk officer with clearly defined responsibilities and can function independently.

Housing finance companies should ensure the independence of the chief risk officer. The chief risk officer will be appointed for a fixed tenure with the approval of the board.

The regulator said the move was prompted by the increasing role of housing finance companies in direct credit intermediation, which in turn requires them to augment their risk management practices.