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Non-Banking Financial Company (NBFC) is [1] a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods (other than ...
Since April 1, 2007, non-deposit taking NBFCs with assets over €1B are classified as systemically important. Prudential regulations, such as capital adequacy requirements and exposure norms with reporting requirements, apply to these companies. The ALM reporting and disclosure norms have also been made applicable to them at different points ...
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India. [1] Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in Jammu and Kashmir from 1956.
Financial regulation in India is governed by a number of regulatory bodies. [1] Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system.
The act was amended in the year 2005, 2009 and 2012. [4] On 24 November 2017, in a ruling in favour of citizens' liberty, the Supreme Court has set aside a clause in the Prevention of Money Laundering Act, which made it virtually impossible for a person convicted to more than three years in jail to get bail if the public prosecutor opposed it ...
The law does not apply to unsecured loans, loans below ₹100,000 or where remaining debt is below 20% of the original principal. This law allowed the creation of asset reconstruction companies (ARC) and allowed banks to sell their non-performing assets to ARC's. Banks are allowed to take possession of the collateral property and sell it ...
A nidhi company is a type of company in the Indian non-banking finance sector, recognized under section 406 of the Companies Act, 2013. [1] Their core business is borrowing and lending money between their members. [2] They are also known as Permanent Fund, Benefit Funds, Quasi Bank, Mutual Benefit Funds and Mutual Benefit Company.
Banking Ombudsman is a quasi-judicial authority created in 2006, and the authority was created pursuant to a decision made by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks.