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Public Deposits

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(Querist)
05 March 2010 Can NBFC accepts deposits from the public?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 March 2010 Dear Priyanka,
All NBFCs are not entitled to accept public deposits. Only those NBFCs holding a valid Certificate of Registration with authorisation to accept Public Deposits can accept/hold public deposits. The NBFCs accepting public deposits should have minimum stipulated Net Owned Fund and comply with the Directions issued by the Bank.
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