Press Releases - Regulating Non-Banking - ಆರ್ಬಿಐ - Reserve Bank of India
ಪತ್ರಿಕಾ ಪ್ರಕಟಣೆಗಳು
ಅಕ್ಟೋ 12, 1998
Rejection of application for certificate of registration to carry on the business of a non-banking financial institution
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on October 7, 1998, the application for Certificate of Registration submitted by M/s. Lalbhai Finance Ltd., a Non-Banking Financial Company having its Registered Office at 1st floor, Motilal Centre, Near Dinesh Hall, Ashram Road, Ahmedabad-380 009. As such, the above company cannot transact the business of a non-banking financia
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on October 7, 1998, the application for Certificate of Registration submitted by M/s. Lalbhai Finance Ltd., a Non-Banking Financial Company having its Registered Office at 1st floor, Motilal Centre, Near Dinesh Hall, Ashram Road, Ahmedabad-380 009. As such, the above company cannot transact the business of a non-banking financia
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ಅಕ್ಟೋ 08, 1998
Rejection of application for certificate of registration to carry on the business of a non-banking financial institution
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on October 7, 1998, the application for Certificate of Registration submitted by M/s. Arrow Securities Limited, a Non-Banking Financial Company having its Registered Office at 202, Ashok House, Near Navrangpura Bus Stop, Navrangpura, Ahmedabad 380009. As such, the above company cannot transact the business of a non-banking finan
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on October 7, 1998, the application for Certificate of Registration submitted by M/s. Arrow Securities Limited, a Non-Banking Financial Company having its Registered Office at 202, Ashok House, Near Navrangpura Bus Stop, Navrangpura, Ahmedabad 380009. As such, the above company cannot transact the business of a non-banking finan
ಅಕ್ಟೋ 07, 1998
Rejection of application for certificate of registration
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration submitted by M/s. Credential Finance Ltd., 618, Maker Chambers-V, Nariman Point, Mumbai-400 021 on September 1, 1998.As such, the above company cannot transact the business of a non-banking financial institution as defined in clause (a) of Section 45 I of the Reserve Bank of India
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration submitted by M/s. Credential Finance Ltd., 618, Maker Chambers-V, Nariman Point, Mumbai-400 021 on September 1, 1998.As such, the above company cannot transact the business of a non-banking financial institution as defined in clause (a) of Section 45 I of the Reserve Bank of India
ಸೆಪ್ಟೆಂ 30, 1998
Provisional Liquidator appointed on M/s. Asia Pacific Investment Trust Ltd., Hyderabad
The Hon'ble High Court has admitted a petition filed by the Reserve Bank of India against M/s. Asia Pacific Investment Trust Ltd., and has passed an order on September 7, 1998 for appointment of the Official Liquidator as Provisional Liquidator to take charge of all assets and properties of the company. The matter has been posted for further hearing on October 25, 1998. It may be recalled that M/s. Asia Pacific Investment Trust Ltd., a non-banking financial company (N
The Hon'ble High Court has admitted a petition filed by the Reserve Bank of India against M/s. Asia Pacific Investment Trust Ltd., and has passed an order on September 7, 1998 for appointment of the Official Liquidator as Provisional Liquidator to take charge of all assets and properties of the company. The matter has been posted for further hearing on October 25, 1998. It may be recalled that M/s. Asia Pacific Investment Trust Ltd., a non-banking financial company (N
ಸೆಪ್ಟೆಂ 29, 1998
Rejection of application for certificate of registration
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration submitted by M/s. Elite Capital & Management Services Ltd., Flat No.1806, Sector-1, Pocket-B, Vasant Kunj, New Delhi-110 070 on September 28, 1998. As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of S
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration submitted by M/s. Elite Capital & Management Services Ltd., Flat No.1806, Sector-1, Pocket-B, Vasant Kunj, New Delhi-110 070 on September 28, 1998. As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of S
ಸೆಪ್ಟೆಂ 19, 1998
Rejection of application for certificate of registration
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration on September 17, 1998 submitted by M/s. K.M. Capital Ltd., 303, Vardhman Plaza, D-14, Central Market, Prashant Vihar, New Delhi-110 085. As such, M/s. K.M. Capital Ltd. cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of t
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration on September 17, 1998 submitted by M/s. K.M. Capital Ltd., 303, Vardhman Plaza, D-14, Central Market, Prashant Vihar, New Delhi-110 085. As such, M/s. K.M. Capital Ltd. cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of t
ಸೆಪ್ಟೆಂ 19, 1998
Rejection of applications for certificates of registration
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for certificates of registration submitted by the following financial companies: Name and address of the Company Date of rejection of application 1. M/s. Narain Properties Ltd., City Centre, 4th Floor, 63/2, The Mall, Kanpur-208 004. 18.9.1998 2. M/s. Kadambini Mercantiles Ltd., City Centre, 4th Floor, 63/2, The
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for certificates of registration submitted by the following financial companies: Name and address of the Company Date of rejection of application 1. M/s. Narain Properties Ltd., City Centre, 4th Floor, 63/2, The Mall, Kanpur-208 004. 18.9.1998 2. M/s. Kadambini Mercantiles Ltd., City Centre, 4th Floor, 63/2, The
ಸೆಪ್ಟೆಂ 18, 1998
Rejection of application for certificate of registration
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration on September 17, 1998 submitted by M/s. Keerthi Hire Purchase & Credits Ltd., having its Registered Office at Excel Building, Sastri Road, Kottayam 686001. As such, M/s. Keerthi Hire Purchase & Credits Ltd., is precluded from carrying on the business of a non-banking financ
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration on September 17, 1998 submitted by M/s. Keerthi Hire Purchase & Credits Ltd., having its Registered Office at Excel Building, Sastri Road, Kottayam 686001. As such, M/s. Keerthi Hire Purchase & Credits Ltd., is precluded from carrying on the business of a non-banking financ
ಆಗ 08, 1998
NBFCs not accepting public deposits need not submit returns to RBI
The Reserve Bank of India has today reduced its export credit refinance rate by two percentage points. The refinance rate will now be 7 per cent (two percentage points below the Bank Rate) as against the previous 9 per cent. The revised rate will be effective today and valid up to March 31, 1999. The new rates of interest will be applicable up to March 31, 1999 after which status quo ante will be restored automatically, unless otherwise notified. (Alpana Killawala) Ge
The Reserve Bank of India has today reduced its export credit refinance rate by two percentage points. The refinance rate will now be 7 per cent (two percentage points below the Bank Rate) as against the previous 9 per cent. The revised rate will be effective today and valid up to March 31, 1999. The new rates of interest will be applicable up to March 31, 1999 after which status quo ante will be restored automatically, unless otherwise notified. (Alpana Killawala) Ge
ಜುಲೈ 14, 1998
RBI asks NBFCs/MNBCs to submit annual return
The Reserve Bank of India has advised all non-banking financial companies holding/accepting public deposits and miscellaneous non-banking companies (chit funds) to ensure submission of the annual return within the stipulated date, i.e., as early as possible after March 31, 1998 and latest by September 30, 1998. The blank form of the annual return can be collected from the respective regional office of the Reserve Bank of India (Department of Non-Banking Supervision).
The Reserve Bank of India has advised all non-banking financial companies holding/accepting public deposits and miscellaneous non-banking companies (chit funds) to ensure submission of the annual return within the stipulated date, i.e., as early as possible after March 31, 1998 and latest by September 30, 1998. The blank form of the annual return can be collected from the respective regional office of the Reserve Bank of India (Department of Non-Banking Supervision).
ಮೇ 12, 1998
RBI modifies prudential norms for NBFCs
The Reserve Bank had prescribed prudential norms for Non-Banking Financial Companies (NBFCs) in January 1998. In response to advice received from the Institute of Chartered Accountants of India (ICAI) and in consultation with them, it has been decided to introduce certain modifications in the norms for accounting for investments and provisioning against non-performing assets (NPAs). The modifications are designed to bring the prudential norms on the above two aspects
The Reserve Bank had prescribed prudential norms for Non-Banking Financial Companies (NBFCs) in January 1998. In response to advice received from the Institute of Chartered Accountants of India (ICAI) and in consultation with them, it has been decided to introduce certain modifications in the norms for accounting for investments and provisioning against non-performing assets (NPAs). The modifications are designed to bring the prudential norms on the above two aspects
ಮೇ 12, 1998
All Non- Banking Financial Companies and Residuary Non-Banking Companies
(having Net Owned Fund of Rs.25 lakh and above)
(having Net Owned Fund of Rs.25 lakh and above)
Dear Sir, Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 - Amendments - Please refer to the Notification No.DFC.119/DG (SPT)-98 dated January 31, 1998 in terms of which Prudential Norms Directions were issued to NBFCs and RNBCs for mandatory compliance. 2. The Institute of Chartered Accountants of India (ICAI) expressed a view that valuation of Investments should be in alignment with the Accounting Standards issued by it and that ther
Dear Sir, Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 - Amendments - Please refer to the Notification No.DFC.119/DG (SPT)-98 dated January 31, 1998 in terms of which Prudential Norms Directions were issued to NBFCs and RNBCs for mandatory compliance. 2. The Institute of Chartered Accountants of India (ICAI) expressed a view that valuation of Investments should be in alignment with the Accounting Standards issued by it and that ther
ಏಪ್ರಿ 27, 1998
Advisory Group for Non-Banking Financial Companies formed
Reserve Bank of India today announced formation of an Informal Advisory Group on "Non-Banking Financial Companies" in order to review the implementation of the new NBFC regulations issued earlier this year. Besides, specific operational matters relating to regulatory and supervisory concerns will also be referred to this Committee for its suggestions. Shri S. Gurumurty. Executive Director of the Reserve Bank of India will be the Chairman of the Group and Shri V.S.N. M
Reserve Bank of India today announced formation of an Informal Advisory Group on "Non-Banking Financial Companies" in order to review the implementation of the new NBFC regulations issued earlier this year. Besides, specific operational matters relating to regulatory and supervisory concerns will also be referred to this Committee for its suggestions. Shri S. Gurumurty. Executive Director of the Reserve Bank of India will be the Chairman of the Group and Shri V.S.N. M
ಮಾರ್ಚ್ 17, 1998
RBI Seminar on New Regulatory Framework for NBFCs
The Reserve Bank of India today organised a one-day Seminar on the New Regulatory Framework for the Non-Banking Financial Companies (NBFCs). The Seminar was held at the Indira Gandhi Institute of Development Research, Mumbai. The Seminar was attended by a cross section of NBFCs, their Associations, chambers of commerce and representatives of the Institute of Chartered Accountants of India and credit rating agencies. The purpose behind organising such a Seminar was to
The Reserve Bank of India today organised a one-day Seminar on the New Regulatory Framework for the Non-Banking Financial Companies (NBFCs). The Seminar was held at the Indira Gandhi Institute of Development Research, Mumbai. The Seminar was attended by a cross section of NBFCs, their Associations, chambers of commerce and representatives of the Institute of Chartered Accountants of India and credit rating agencies. The purpose behind organising such a Seminar was to
ಜನವರಿ 28, 1998
RBI modifies certain regulations for NBFCs
Detailed regulations were issued on 2nd January 1998 to ensure orderly functioning of the Non-Banking Financial Companies (NBFCs) and for protection of interest of the depositors. Since then, in response to suggestions received from various sections, RBI has held detailed consultations with leading NBFC associations, financial experts and other professionals in order to remove any genuine problems that might arise in the implementation of the guidelines issued on Janu
Detailed regulations were issued on 2nd January 1998 to ensure orderly functioning of the Non-Banking Financial Companies (NBFCs) and for protection of interest of the depositors. Since then, in response to suggestions received from various sections, RBI has held detailed consultations with leading NBFC associations, financial experts and other professionals in order to remove any genuine problems that might arise in the implementation of the guidelines issued on Janu
ಜನವರಿ 09, 1998
Clarifications on New Regulatory Framework for NBFCs
The Reserve Bank of India announced the new regulatory framework for non-banking finance companies (NBFCs) on January 2, 1998. Certain issues have been raised about the operational aspects of the new framework. The objective of this press release is to provide clarifications on the new regulatory framework. Queries and Answers Definition of public deposits Q 1. Are the following types of deposits included in the definition of public deposits? unsecured debentures ICDs
The Reserve Bank of India announced the new regulatory framework for non-banking finance companies (NBFCs) on January 2, 1998. Certain issues have been raised about the operational aspects of the new framework. The objective of this press release is to provide clarifications on the new regulatory framework. Queries and Answers Definition of public deposits Q 1. Are the following types of deposits included in the definition of public deposits? unsecured debentures ICDs
ಜನವರಿ 02, 1998
RBI Directives to Auditors of NBFCs
The Reserve Bank of India has today issued directions to the statutory auditors of Non-Banking Financial Companies (NBFCs) requiring them to issue, in addition to the normal auditors' report on the financial statements to the shareholders, a report to the Board of Directors of the NBFC containing a statement on certain matters of supervisory concern to the RBI. These directions are intended to provide supervision over NBFCs and ensure that they comply with RBI directi
The Reserve Bank of India has today issued directions to the statutory auditors of Non-Banking Financial Companies (NBFCs) requiring them to issue, in addition to the normal auditors' report on the financial statements to the shareholders, a report to the Board of Directors of the NBFC containing a statement on certain matters of supervisory concern to the RBI. These directions are intended to provide supervision over NBFCs and ensure that they comply with RBI directi
ಮೇ 09, 1997
Non-banking Financial Institutions - Summary of the Recent Amendments to the RBI Act
Background The activities of non-banking financial companies (NBFCs) were being regulated by the provisions of Chapter IIIB of the Reserve Bank of India Act, 1934 (the RBI Act) for over three decades. The emphasis of these regulations was, however, on the acceptance of deposit by NBFCs mainly as an adjunct to monetary and credit policy. Over the years, these companies have become an important segment in the financial system of the country. Besides, there has been inte
Background The activities of non-banking financial companies (NBFCs) were being regulated by the provisions of Chapter IIIB of the Reserve Bank of India Act, 1934 (the RBI Act) for over three decades. The emphasis of these regulations was, however, on the acceptance of deposit by NBFCs mainly as an adjunct to monetary and credit policy. Over the years, these companies have become an important segment in the financial system of the country. Besides, there has been inte
ಮೇ 02, 1997
Liquid Assets for NBFCs
The Reserve Bank of India today announced with immediate effect certain refinements in the percentage of liquid assets to be maintained by non-banking financial companies. Quantum In terms of the provisions of Section 45IB of the Reserve Bank of India Act, 1934, the NBFCs are required to maintain liquid assets equivalent to 10 per cent of their deposit liabilities in the specified approved securities, viz., government securities and government guaranteed bonds. The lo
The Reserve Bank of India today announced with immediate effect certain refinements in the percentage of liquid assets to be maintained by non-banking financial companies. Quantum In terms of the provisions of Section 45IB of the Reserve Bank of India Act, 1934, the NBFCs are required to maintain liquid assets equivalent to 10 per cent of their deposit liabilities in the specified approved securities, viz., government securities and government guaranteed bonds. The lo
ಜನವರಿ 18, 1997
Khanna Committee on NBFC supervision recommends rating system for registered NBFCs
The expert group for designing a supervisory framework for Non-Banking Financial Companies (NBFCs) (Khanna Committee) has recommended introduction of a supervisory rating system for the registered NBFCs. The Group has also recommended that such a rating system should be designed on the basis of different levels of regulatory/supervisory compliance, capital adequacy and ratings assigned by the credit rating agencies. The Group has recommended that the rating process mi
The expert group for designing a supervisory framework for Non-Banking Financial Companies (NBFCs) (Khanna Committee) has recommended introduction of a supervisory rating system for the registered NBFCs. The Group has also recommended that such a rating system should be designed on the basis of different levels of regulatory/supervisory compliance, capital adequacy and ratings assigned by the credit rating agencies. The Group has recommended that the rating process mi
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