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Corporate laws

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 September 2010 Please let me know whether Reserve Bank of India has any provisions applicable for the deposits accepted u/s 58A of the Companies Act. i.e. a non banking non financial company or industrial company engaged in manufacturing activity.
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Ankur Garg

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Ankur Garg (Expert)
07 September 2010 As per my understanding in case of public deposits a NBNFC is fully governed by section 58A and 58AA read with Deposit Rules, 1975. In this case RBI has no role to play.

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