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Rbi gets more powers over nbfcs


P C Agrawal (Retired as VP (Corporate) & Co. Secretary of Aurangabad Electricals Ltd in 2019)     11 August 2019

P C Agrawal
Retired as VP (Corporate) & Co. Secretary of Aurangabad Electricals Ltd in 2019 
 823 likes  8076 points

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Amendments to RBI Act made vide Part-I of Chapter-VI of Finance (No.2) Act 2019 have come into force on 9.8.2019.

Now RBI has got lot of powers over functioning of NBFCs. Minimum net owned fund can be raised upto Rs.100 crores. Directors can be removed or superseded by RBI. Auditors can be removed or debarred for 3 years. Scheme for amalgamation/ reconstruction etc. can be approved. Submission of information of group companies can be mandated. Amount of penalties increased. 

 

avater

Vishesh Surana   11 August 2019

Vishesh Surana

 342 likes  5490 points

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thanks for the info

avater

Shivam RC (Student)     11 August 2019

Shivam RC
Student 
 2182 likes  17348 points

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Thank You for the information...👍👍👍


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