Formation of a nbfc company
Querist : Anonymous
I want to know if a NBFC can be formed with a Paid up capital of minimum Rs. 100000/- only as General Company which do not require to accept Deposit but to act as NBFC.
The procedure is same but additional requirement is to maintain net worth of two crore at the time of incorporation of company.
So you company paid up capital should be 2 crores at the time of incorporation.
Reserve Bank of India vide its Notification No. DNBS 132 / CGM (VSNM) – 99, dated 20/04/1999 has increased the requirement of “net owned fund” from Rs.25 lakh to Rs.200 Lakh for the NBFC which commences business of a non-banking financial institution on or after April 21, 1999.
Querist : Anonymous
Please Clear my Doubt.
Thanks
Querist : Anonymous
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