Section 45-IA of RBI Act : Section 45-Ia: Requirement Of Registration And Net Owned Fund
RBI Act
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Explanation using Example
Imagine a scenario where a company named QuickLoans Pvt. Ltd. wants to enter the financial sector as a Non-Banking Financial Company (NBFC). The directors of QuickLoans are planning to offer loan products and investment services to the public. Before they can start their operations, they need to comply with the Reserve Bank of India (RBI) Act, 1934, specifically Section 45-IA.
As per Section 45-IA, QuickLoans Pvt. Ltd. must first apply for and obtain a certificate of registration from the RBI. To do this, they submit the required documents and evidence showing that they have a net owned fund of at least twenty-five l...
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