The board of directors of India Mortgage Guarantee Corporation (IMGC)
had elected Mr. R.V. Verma as the Chairman of the company.
Mr. Verma is currently the Chairman & Managing Director of National
Housing Bank (NHB), which has a 38% stake in IMGC.
IMGC, which is now capitalised at Rs. 120 crore, is the country’s first
mortgage guarantee company. This company will provide credit guarantee to banks
& HFCs (housing finance companies) on behalf of the borrowers.
The primary clients for this company will be HFCs and banks that are at
present responsible for a majority of mortgage lending in India.
At the first ever board meeting held recently, it was also decided that
the company would soon approach the RBI (Reserve Bank of India) for certificate
of registration.
In all, the IMGC board had 6
directors comprising 2 nominees of NHB, 2 nominees of Genworth Financial
& one each of International Finance Corporation (IFC) & Asian
Development Bank (ADB).
While Genworth Financial Mauritius had picked up 36% stake in IMGC, IFC
and ADB had 13% stake each in the company.
Besides Mr. Verma, the other NHB nominee is Mr. S.B. Mathur, former
Chairman of Life Insurance Corporation. The 2 nominees of Genworth Financial,
which had 36% stake, are Stuart Take and Scott Mckay.
The other directors are Mr. Deepak Satwalekar (IFC nominee) and Mr.
Pamela Lamoreaux (ADB Nominee).
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