Reserve Bank of India Act, 1934

[Requirement of registration and net owned fund

45-IA. (1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no non-banking financial company shall commence or carry on the business of a non-banking financial institution without-

(a)	-	obtaining a certificate of registration issued under this Chapter; and
[(b)	-	having the net owned fund of twenty-five lakh rupees or such other amount, not exceeding hundred crore rupees, as the Bank may, by notification in the Official Gazette, specify:
	-	Provided that the Bank may notify different amounts of net owned fund for different categories of non-banking financial companies.]

(2) Every non-banking financial company shall make an application for registration to the Bank in such form as the Bank may specify :

Provided that a non-banking financial company in existence on the commencement of the Reserve Bank of India (Amendment) Act, 1997 (23 of 1997) shall make an application for registration to the b .... To read the full section download the app from Google Play store