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RBI's provisions of Sections 45-IA, 45-IB, and 45-IC to not apply to NBFCs

Posted on 20 November 2020

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The Reserve Bank of India has declared that the provisions of Sections 45-IA, 45-IB, and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company. Read the official announcement below:

RESERVE BANK OF INDIA
(Department of Regulation)
NOTIFICATION
Mumbai, the 18th November, 2020

No. DOR.049/CGM(MM)–2020.—In exercise of the power conferred by section 45-NC of the Reserve Bank of India Act, 1934, and in supersession of the earlier notification No. DOR. 047/CGM (MM)- 2019 dated 19th November, 2019 (published in Extraordinary- Part III – Section 4 of the Gazette of India dated 19th November 2019) on the subject, the Reserve Bank of India, on being satisfied that it is necessary to do, hereby declares that the provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company which is a Housing Finance Institution as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987).

MANORANJAN MISHRA, Chief General Manager
[ADVT.-III/4/Exty./367/2020-21]

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