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Housing finance cos. can recover NPAs

By Our Special Correspondent

NEW DELHI NOV. 11. In order to protect housing finance companies from building up non-performing assets (NPAs) or bad loans, the Government has extended the provisions of the Securitisation Act to 23 companies which are registered with the National Housing Bank and have Tier 1 capital of Rs. 10 crores or more on March 31, 2003.

These companies can now recover their outstanding loans by taking recourse to the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

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