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The Reserve Bank on Monday proposed to tighten norms for housing finance companies by reducing the maturity period for public deposits to five years and enhancing the requirement of maintaining liquid assets against liabilities. Currently, housing finance companies (HFCs) are allowed to accept or renew public deposits repayable after a period of 12 months or more but not later than 120 months from the date of acceptance or renewal of such deposits, the RBI said in a draft circular, inviting comments by February 29.
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