BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under the guidelines issued on 2 Dec 2011, an NBFC-MFI should have minimum net owned funds of how much amount?
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Rs. 3 crore
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Rs. 4 crore
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Rs. 5 crore
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Rs. 6 crore
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Explanation:
Detailed explanation-1: -In terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can commence or carry on business of a non-banking financial institution without a) obtaining a certificate of registration from the Bank and without having a Net Owned Funds of ₹ 25 lakhs (₹ Two crore since April 1999).
Detailed explanation-2: -Every company seeking registration as NBFC-Factor shall have a minimum Net Owned Fund (NOF) of ₹5 crore, or as specified by the Reserve Bank from time to time.
Detailed explanation-3: -20 crore or more (irrespective of their asset size) as per their audited balance sheet as of 31 March 2001 would be required to put in place the ALM System.
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