The Reserve Bank of India (RBI) in a notification issued on 3 August 2012 stated that all registered non-banking financial companies (NBFCs) which who intend to convert themselves into non-banking financial company-micro finance institutions (NBFC-MFIs) would have to seek registration with immediate effect, not later than 31 October 2012.
The central bank also mentioned that the NBFCs have to maintain net-owned funds (NOF) at Rs 3 crore by 31 March 2013, and at Rs.5 crore by 31 March 31 2014. If the NBFCs fail maintain the NOF they will have to ensure that lending to the micro finance sector, that is, individuals, SHGs or JLGs, which qualify for loans from MFIs to be restricted to 10 per cent of the total assets. The NBFCs operating in the north-eastern region are to maintain the minimum NOF at Rs.1 crore by 31 March 2012, and at Rs.2 crore by 31 March 2014.
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Wednesday 8 August 2012
RBI directed NBFCs to maintain Net-owned Funds (NOF) at Rs 3 crore by 31 March 2013
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