MCA asked NBFC’s to comply with the requirement of section 45-IA of the RBI Act, 1934

All the Non Banking Financial Institutions/Companies registered with MCA are requested to comply with the requirement of section 45-IA of the RBI Act, 1934, if applicable to them. kindly visit the link to the RBI website https://www.rbi.org.in/Scripts/FAQView.aspx?Id=71 and follow all necessary procedures therein.

Requirement to be complied with:

A company incorporated under the Companies Act, 1956 and desirous of commencing business of non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 should comply with the following:

i. it should be a company registered under Section 3 of the companies Act, 1954

ii. It should have a minimum net owned fund of Rs 200 lakh. (The minimum net owned fund (NOF) required for specialized NBFCs like NBFC-MFIs, NBFC-Factors, CICs is indicated separately in the FAQs on specialized NBFCs)

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