HUDCO Exits Retail Housing Loan Segment After NBFC Reclassification

Housing and Urban Development Corp. Ltd. on Friday said its board has approved discontinuation of its individual home loan business under the "HUDCO Niwas" portfolio. 

The move follows its reclassification by the Reserve Bank of India as a non-banking infrastructure finance company from a non-banking housing finance company.

HUDCO received its revised NBFC registration in August. In January–March, net profit rose 4% on year to ₹7,280 million, as a sharp 50% rise in finance costs weighed on earnings.