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The Reserve Bank of Indiahas 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) NOTIFICATIO
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FAQ :
Sections 45-IA, 45-IB, and 45-IC of the Reserve Bank of India Act, 1934, are not applicable.
The announcement specifically applies to non-banking financial companies that are Housing Finance Institutions, as defined in the National Housing Bank Act, 1987.
The declaration is made in exercise of the power conferred by section 45-NC of the Reserve Bank of India Act, 1934.
Yes, this notification supersedes the earlier notification No. DOR. 047/CGM (MM)- 2019 dated 19th November, 2019.
The official announcement was made in Mumbai on the 18th November, 2020.
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