• The Sub-Group on Housing Finance for the Seventh Five Year Plan (1985-90) identified the non-availability of long-term finance to individual households on any significant scale as a major lacuna impeding progress of the housing sector and recommended the setting up of a national level institution. • The Committee of Secretaries considered’ the recommendation and set up the High Level Group under the Chairmanship of Dr. C. Rangarajan, the then Deputy Governor, RBI to examine the proposal and recommended the setting up of National Housing Bank as an autonomous housing finance institution. The recommendations of the High Level Group were accepted by the Government of India. • The Hon’ble Prime Minister of India, while presenting the Union Budget for 1987-88 on February 28, 1987 announced the decision to establish the National Housing Bank (NHB) as an apex level institution for housing finance. Following that, the National Housing Bank Bill (91 of 1987) providing the legislative framework for the establishment of NHB was passed by Parliament in the winter session of 1987 and with the assent of the Hon’ble President of India on December 23, 1987, became an Act of Parliament. • The National Housing Policy, 1988 envisaged the setting up of NHB as the Apex level institution for housing. • In pursuance of the above, NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987. • Reserve Bank of India contributed the entire paid-up capital. • In terms of the amendment made to the National Housing Bank Act, 1987, pursuant the Union Budget announcements for 2019-20, the regulatory powers (including registration of HFCs) of National Housing Bank over Housing Finance Companies (HFCs) were transferred to the Reserve Bank of India (RBI) with effect from August 9, 2019. The authorized capital of NHB currently stands at ₹1,450 crore and is fully subscribed by Government of India. • The Head Office of NHB is at New Delhi.