Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977
The Reserve Bank of India has issued directions for Miscellaneous Non-Banking Companies (MNBCs) regarding acceptance of deposits.
Part I – Preliminary
The directions are applicable to MNBCs, excluding certain types of deposits, and define key terms such as “deposit” and “miscellaneous non-banking company”.
Part II – Acceptance of Deposits
MNBCs are allowed to accept deposits, but must specify certain particulars in their application forms, furnish receipts to depositors, and maintain a register of deposits.
The Board’s report must include information on deposits, and MNBCs must comply with these directions to avoid penalties.
The directions aim to regulate the acceptance of deposits by MNBCs and ensure transparency and accountability in their operations.
Chat with the Master Circular:
Download: Master Circular – “Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977”