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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Non Applicability of Certain sections of RBI Act, 1934

14-Mar-2022 | Notification No. DoR. FIN. REC. 95 /CGM (JPS)-2022

RBI has notified that the Sections 45IA, 45IB and 45IC of the Reserve Bank of India Act, 1934 shall not apply to any
non-banking financial company-
(i) which is
(a) providing only microfinance loans as defined under the Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022, provided the monthly loan obligations of a household does not exceed 50 % of the monthly household income; and
(b) licensed under Section 25 of the Companies Act, 1956 or Section 8 of the Companies Act, 2013; and
(c) not accepting public deposits as defined under the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016; and
(d) having asset size of less than Rs. 100 crore.
(ii) being a mutual benefit company as defined in paragraph 3(x) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016.

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