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In respect of company which don't fulfill the 50-50 criteria but are accepting deposits,do they come under RBI purview?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Sarath S asked about 2 years ago

Hello, I am a CA Intermediate | CA IPCC student from Bangalore. I want to know whether companies which don't fulfill the 50-50 criteria but are accepting deposits ,do they come under RBI purview. Sarath

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 shaifali answered about 2 years ago

The Reserve Bank has been given the powers under the RBI Act 1934 to register, lay down policy, issue directions, inspect, regulate, supervise and exercise surveillance over NBFCs that meet the 50-50 criteria of principal business. The Reserve Bank can penalize NBFCs for violating the provisions of the RBI Act or the directions or orders issued by RBI under RBI Act. The penal action can also result in RBI cancelling the Certificate of Registration issued to the NBFC, or prohibiting them from accepting deposits and alienating their assets or filing a winding up petition.

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