1. Any non-banking financial company (NBFC) registered with RBI having net owned fund of Rs. 500 lakhs as per the last audited balance sheet would be permitted to undertake insurance business as agent of insurance companies on fee basis, without any risk participation. 2. All NBFCs registered with RBI which satisfy the eligibility criteria given below will be permitted to set up a joint venture company for undertaking insurance business with risk participation, subjec

Ref.DNBS.(PD).CC.No. 12 /02.01/99-2000January 13, 2000.To All Non-Banking Financial Companies including Residuary Non-Banking Companies Dear Sirs,Amendments to NBFC RegulationsAs you are aware, Reserve Bank has put in place a comprehensive regulatory and supervisory framework in January 1998, in terms of which certain measures were taken for protecting the interests of depositors and for ensuring that the NBFCs function on sound and healthy lines. Reserve Bank has sin

RESERVE BANK OF INDIADEPARTMENT OF NON-BANKING SUPERVISIONCENTRAL OFFICECENTRE I, WORLD TRADE CENTRE,CUFFE PARADE, COLABA,MUMBAI 400 005.NOTIFICATION No. DNBS.134/CGM(VSNM)-2000 dated January 13, 2000The Reserve Bank of India, having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial Companies Accep

ATTENTION NBFCs 1) The NBFCs having net owned fund below Rs.25 lakh are not allowed to accept public deposits 2) The statutory return on liquid assets on quarterly basis must be submitted to the RBI whether NBFCs hold public deposits or not; and 3) Non-submission of this return is violation of law attracting penalties Please note the following: RBI has mailed to all NBFCs the blank forms of statutory returns on liquid assets to be maintained on public deposits and format foradditional information The formats of these returns are also available on internet at http://www.rbi.org.in NBFCs may approach the nearest Regional Office of RBI for blank formats of returns File `NIL' Return on liquid assets if no public deposits are held