Section 45N of RBI Act : Section 45N: Inspection

RBI Act

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Explanation using Example

Imagine a scenario where a non-banking financial company (NBFC) named "FastLoan Finance" has been providing various financial services without properly disclosing its financial status to the Reserve Bank of India (RBI). The RBI, suspecting discrepancies in the statements provided by FastLoan Finance, decides to invoke Section 45N of the RBI Act, 1934.

Under the power granted by Section 45N(1), the RBI dispatches an inspection team to verify the correctness of the financial statements submitted by FastLoan Finance. The team is tasked with examining the company's books and records...

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