Power of Bank to remove directors from office (1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a non-banking financial company being conducted in a manner detrimental to the interest of the depositors or creditors, or financial stability or for securing the proper management of such company, […]

Reserve fund (1) Every non-banking financial company shall create a reserve fund and transfer therein a sum not less than twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared. (2) No appropriation of any sum from the reserve fund shall be

Maintenance of percentage of assets (1) Every non-banking financial company shall invest and continue to invest in India in unencumbered approved securities, valued at a price not exceeding the current market price of such securities, an amount which, at the close of business on any day, shall not be less than five per cent or

Requirement of registration and net owned fund (1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no non-banking financial company shall commence or carry on the business of a non-banking financial institution without— (a)   obtaining a certificate of registration issued under this Chapter; and [(b)

Definitions In this Chapter, unless the context otherwise requires,— [(a)   “business of a non-banking financial institution” means carrying on of the business of a financial institution referred to in clause (c) and includes business of a non-banking financial company referred to in clause (f);] [(aa)]   “company” means a company as defined in section

Chapter IIIB not to apply in certain cases The provisions of this Chapter shall not apply to the State Bank or a banking company as defined in section 5 of the Banking [Regulation] Act, 1949 (10 of 1949) or [a corresponding new bank as defined in clause (da) of section 5 of that Act or a subsidiary

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Certain claims for compensation barred No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred by reason of the operation of any of the provisions of this Chapter.

Disclosure of information prohibited (1) Any credit information contained in any statement submitted by a banking company under section 45C or furnished by the Bank to any banking company under section 45D, shall be treated as confidential and shall not, except for the purposes of this Chapter, be published or otherwise disclosed. (2) Nothing in

Procedure for furnishing credit information to banking companies (1) A banking company may, in connection with any financial arrangement entered into or proposed to be entered into by it, with any person, make an application to the Bank in such form as the Bank may specify requesting it to furnish the applicant with such credit