RBI revises ‘Net Owned Fund’ requirements w.e.f. 01.10.2022 for specified NBFCs to commence/carry on business

RBI vide its circular dated 17th March, 2022 has prescribed that the specified NBFCs i.e. a) NBFC-Investment and Credit Company (NBFC-ICC) b) NBFC-Micro Finance Institution (NBFC-MFI) c) NBFC–Factor (NBFC-Factor) shall have minimum NOFs of Rs. 10 crore to commence or carry on the business of non-banking financial institution from October 01, 2022. Further the existing specified NBFCs having NOFs less than 10 Crore need to achieve the NOF of Rs. 10 crore as per the timelines prescribed.RBI vide its circular dated 17th March, 2022 has prescribed that the specified NBFCs i.e. a) NBFC-Investment and Credit Company (NBFC-ICC) b) NBFC-Micro Finance Institution (NBFC-MFI) c) NBFC–Factor (NBFC-Factor) shall have minimum NOFs of Rs. 10 crore to commence or carry on the business of non-banking financial institution from October 01, 2022. Further the existing specified NBFCs having NOFs less than 10 Crore need to achieve the NOF of Rs. 10 crore as per the timelines prescribed.taxmann.com Latest Statutory HappeningsRead More

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