RBI Updates Master Direction on Exemption from the Provisions of RBI Act, 1934

Reserve Bank of India (RBI) vide notification dated May 31, 2018 has updated the Master Direction on Exemption from the Provisions of the RBI Act, 1934

Para 3 has been updated as following-

“Government Companies i.e. a non-banking financial company as defined in section 45-I(f) of the RBI Act being a Government company as defined in Clause (45) of Section 2 of Companies Act, 2013, is valid for the phased- in period as under:

Section 45 IB

Maintenance of percentage of assets – 15% of the outstanding deposits

March 31, 2019– 5% of outstanding deposits
March 31, 2020 – 10% of outstanding deposits
March 31, 2021 – 12% of outstanding deposits
March 31, 2022 – 15% of outstanding deposits

Section 45 IC

Reserve Fund

March 31, 2019”

 [Note- Applicable only to Government NBFC. Ignore if not related to you]

[RBI/2017-18/181 DNBR (PD) CC.No.092/03.10.001/2017-18]

 

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI1812D1707B39AEE4B3783B62145AD44784C.PDF