According to Section 45-IA of the RBI Act, 1934, a company which carries the business of non-banking financial institution is known as Non-Banking Financial Company. NBFCs are not permitted to start or carry on the business of a non-banking financial institution without:
1. Acquiring a certificate of registration from the Reserve Bank of India, and
2. Having a Net Owned Funds (NOF) of Rs. 2 crores.
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