BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Nachiket Mor Committee
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Urijit Patel Committee
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Bimal Jalan Committee
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B. Mahapatra Committee
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Detailed explanation-1: -As per the extant regulations, every NBFC is required to maintain a minimum capital ratio of 15 per cent of its aggregate risk-weighted assets (including both on and off-balance sheet items). To further strengthen their capital position, the PCA framework for NBFCs will be made effective from October 1, 2022.
Detailed explanation-2: -The Audit Committee constituted by an NBFC as required under Section 292-A of the Companies Act, 1956 shall also be the Audit Committee for the purposes of RBI Regulations this paragraph and shall have the same powers, functions, duties as laid in Companies Act, 1956.
Detailed explanation-3: -Financial activity as principal business is when a company’s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income. A company which fulfils both these criteria will be registered as NBFC by RBI.
Detailed explanation-4: -3. Paragraph 10 of the Circular stipulates that loan accounts classified as NPAs may be upgraded as ‘standard’ asset only if entire arrears of interest and principal are paid by the borrower. NBFCs shall have time till September 30, 2022 to put in place the necessary systems to implement this provision.