Question
Under Chapter IIIB of the RBI Act, 1934, what is the
minimum net owned fund generally required for registration of a non-banking financial company under Section 45-IA?Solution
Section 45-IA(1)(b) requires a non-banking financial company to have a net owned fund of twenty-five lakh rupees or such other amount, not exceeding one hundred crore rupees, as the Bank may specify by notification. The Bank may notify different amounts for different categories of NBFCs. Registration also requires obtaining a certificate of registration. The baseline statutory net owned fund figure stated in Section 45-IA is twenty-five lakh rupees.
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