Legal UpdatesRBI

RBI specifies requirement of Rs. 100Cr of Net Owned Funds on an ongoing for ARCs

RBI updates

RBI states that there should be minimum of Rs. 100Cr of Net Owned Funds (NOF) for Asset Reconstruction Companies (ARCs) on an ongoing basis.

RBI further highlights that all the ARCs having less than Rs. 100Cr NOF is required to prescribe the minimum NOF level latest by March 31, 2019 and the same should be duly certified by the Statutory Auditors.

Note: Mail at nikita@lawyersconnect.info for the copy of RBI notification dated October 10, 2017.

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