GENERAL KNOWLEDGE

Detailed explanation-1: -It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934.

Detailed explanation-2: -The key amendments to the RBI Act 1934 are as follows: Limit of net owned funds enhanced to Rs. 100 crores from the existing limit of Rs. 2 crores. Different amounts of net owned funds may be notified for different categories of NBFCs [Amendment to section 45-IA];