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)