Q. Which of the following is / are correct statements with respect to National Housing Bank?

1. It was set up based on the recommendations of the Rangarajan Committee.
2. NHB is wholly owned by Reserve Bank of India.
3. NHB was set up under the National Housing Bank Act, 1987.

Select the correct option from the codes given below:
Answer: Only 1 & 3
Notes: Originally the idea of the National housing bank was proposed by the Sub-Group on Housing Finance for the Seventh Five Year Plan (1985-90). Government set up a committee under the chairmanship of Dr. C. Rangarajan, the then Deputy Governor, RBI to examine the proposal. The committee recommended the setting up of National Housing Bank as an autonomous housing finance institution.  NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987. NHB is wholly owned by Govt. of India as after 24 April 2019 notification of RBI so statement 2 is incorrect.

This question is part of UPSC Daily 20 MCQ Series Course on GKToday Android app.