Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016
The Reserve Bank of India (RBI) has issued Master Directions for Miscellaneous Non-Banking Companies (MNBCs) regarding acceptance and repayment of deposits.
Applicability: These directions apply to all MNBCs, except those exempted under Chapter III.
Acceptance of Deposits: MNBCs can accept deposits, but must specify particulars in the application form, furnish receipts to depositors, and maintain a register of deposits.
Interest and Brokerage: There is a ceiling on the rate of interest and brokerage that can be offered.
Repayment of Deposits: MNBCs must intimate depositors about maturity, allow renewal of deposits before maturity, and renew overdue deposits.
Reporting: The Board’s report must include information about deposits.
These directions aim to regulate the acceptance and repayment of deposits by MNBCs, ensuring transparency and protection of depositors’ interests.
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Download: Master Direction – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016