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A working group has outlined an innovative framework for introducing structured covered bonds to India, using the country's National Housing Bank as an SPV, a member of the group told EuroWeek Asia.
The National Housing Bank (NHB) -- a wholly owned subsidiary of the Reserve Bank of India -- commissioned the working group in 2011 to investigate funding residential mortgage lending through the capital markets. The group was led by Ananta Barua, executive director of the Securities and Exchange Board of India (Sebi), and included representatives from the ministry of finance and the Reserve Bank of India, according to Vinod Kothari, CEO of Vinod Kothari Consultants in Mumbai, also a member of the working group.
The group's report was released...