Regulating Non-Banking

A section of the press had reported that 28,232 applications of non-banking finance companies (NBFCs) are pending for registration with the Reserve Bank and there is no immediate action plan for disposal of these applications.The Reserve Bank of India has clarified that the Reserve Bank of India Act, 1934, as approved by the Parliament, NBFCs having Net Owned Funds below Rs.25 lakh have been given time up to three years to attain the norm of Rs.25 lakh. The time expir

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on November 22, 1999, the application for Certificate of Registration submitted by the financial company, M/s. M.D.D. Mutual Benefits Ltd., 555/GA/1/58 Barabirwa, Alambagh, Lucknow.As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserv

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on November 22, 1999, the application for Certificate of Registration submitted by the financial company M/s. Rapti Group of Finance Ltd., 36, Kings Road, 4th Floor, Howrah-700 001, West Bengal.As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on November 22, 1999, the application for Certificate of Registration submitted by the financial company Kandoi Finance Private Ltd., Professor Para, Cuttack-753 003.As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserve Bank of India

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on November 17, 1999, the application for Certificate of Registration submitted by the financial company Tanjor Finlease Ltd., 501, Gupta Complex, Inderlok Chowk, 1, Old Rohtak Road, New Delhi-110 035.As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Sectio

The Reserve Bank of India today notified the changes in its regulations pertaining to the NBFCs for implementation. The decision to modify the regulations was announced in the Governor's Statement on Mid-Term Review of the Monetary and Credit Policy for the year 1999-2000 on October 29, 1999. The changes come into force with immediate effect.Borrowings from mutual funds exempted from public deposits The Non-Banking Financial Companies Acceptance of Public Deposits (Re

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on November 12, 1999, the application for Certificate of Registration submitted by the financial company M/s. PL Finance and Investment Ltd., 1 & 4 Apex Chambers, IIIrd Floor, 20, Thyagaraya Road, T.Nagar, Chennai-600 017.As such, the above company cannot transact the business of a non-banking financial institution as define

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for grant of a certificate of registration submitted by the undernoted financial companies:Sr.No.Name of the CompanyRejected on1. M/s. Jai Jai Priyanga Finance Pvt. Ltd., 41, Visuvasapuri, I Street, Gnanaolivupuram, Madurai-625 0162.11.19992.Puberun Finance Private Limited, M.Azad Road, Nagaon, Dist. Nagaon, Ass

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for grant of a certificate of registration submitted by the undernoted financial companies:Sr.No.Name of the CompanyRejected on1. M/s. Mercard Ltd., "South India House" 36-40, Armenian Street, Chennai-600 001.4.11.19992.M/s. Bildeq Leasefin Ltd., Suit No.5, BBC Plaza, 178-180, North Usman Road, T. Nagar, Chennai

The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected the applications for grant of a certificate of registration submitted by the undernoted financial companies:Sr.No.Name of the CompanyRejected on1. M/s. Goan Overseas Housing Investment & Finance Ltd., Bhairao Building, 3rd floor, Opp. Municipal Market, Mapusa, Goa.2.11.19992.M/s. Bharatiya Development Finance Ltd., Apartment