RBI relaxes norms for opening subsidiaries by foreign NBFCs
PrintListen to this Article
Relaxing norms for foreign-owned NBFCs to open subsidiaries, the RBI today said such entities can now set up arms even if the overseas investment is less than 100 per cent.
"NBFCs having foreign investment more than 75 per cent and up to 100 per cent and with a minimum capitalisation of USD 50 million, can set up step down subsidiaries for specific NBFC activities," RBI said in a notification.
Earlier, only 100 per cent foreign owned non-banking financial companies (NBFCs) with minimum capitalisation of USD 50 million were allowed to set up subsidiaries.
The notification further said that the step down or operating subsidiaries could be set up without any restriction on their number and without bringing in additional capital.
The RBI notification follows government's decision last week in this regard. (PTI)
Category : RBI | Comments : 0 | Hits : 268
The Supreme Court on Friday set aside the rejection of an IRS officer’s candidature for appointment as a member of the Income Tax Appellate Tribunal (ITAT), ruling that the involvement of the th...
The Reserve Bank of India (RBI) on Friday unveiled a set of liquidity-boosting measures aimed at infusing more than $23 billion (around ₹2 lakh crore) into the banking system, after review...
RBI has issued draft rules to tighten dividend payouts by banks by linking distributions to capital adequacy, asset and profit quality, setting a uniform prudential framework effective from FY27. In t...
Comments