RBI exempts Housing Finance NBFCs from complying requirements of Section 45-IA, 45-IB and 45-IC of RBI Act

RBI vide Notification dated 18.11.2020 has declared that the provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a NBFC which is a Housing Finance Institution as defined in section 2(d) of the National Housing Bank Act, 1987. Section 45-IA prescribes requirement of registration and net owned fund by NBFCs, 45-IB prescribes maintenance of percentage of assets by NBFCs and Section 45-IC prescribes creation of Reserve Fund.RBI vide Notification dated 18.11.2020 has declared that the provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a NBFC which is a Housing Finance Institution as defined in section 2(d) of the National Housing Bank Act, 1987. Section 45-IA prescribes requirement of registration and net owned fund by NBFCs, 45-IB prescribes maintenance of percentage of assets by NBFCs and Section 45-IC prescribes creation of Reserve Fund.taxmann.com Latest Statutory HappeningsRead More

Leave a Reply