Rbi query

Nirav Kadakia (Executive Company secretary)   (24 Points)

13 October 2012  

Dear all,

Can anybody tell me that whether any Partnership firm can indulge in Non banking Financials Activity? or is there any compliance need to follow with RBI or any other authoeity? 

I m putting one supporting herewith, but its not saying anything about Partnership firm :-

 

NBFCs under RBI Act 1934:

Chapter IIIB of Reserve Bank of India Act 1934 (‘the Act’) governs the provisions relating to a Non- Banking Financial Company. Non –Banking Financial Company (‘NBFC’) has been defined in clause (f) of Section 45-I of the Act to mean-

  • a financial institution which is a company;
  • a non- banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner , or lending in any manner;
  • such other non- banking institution or class of such institutions, as the bank may, with the previous approval of the Central Government and by notifications in the Official Gazette specify.

 

 

 

 

 

 

Regards,

Nirav Kadakia