Section 45-I of RBI Act : Section 45-I: Definitions

RBI Act

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Explanation using Example

Imagine a scenario where an individual, Mr. Sharma, wants to invest his savings and is considering depositing a sum of money with a company that offers attractive interest rates. Before doing so, he wishes to ensure that the company is regulated and that his deposit will be safe.

Mr. Sharma comes across XYZ Pvt. Ltd., which claims to be a non-banking financial company (NBFC) and offers high returns on fixed deposits. To verify the legitimacy of XYZ Pvt. Ltd., Mr. Sharma refers to Section 45-I of the Reserve Bank of India Act, 1934.

He notes that accordin...

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