RBI tightens loan approval norms for NBFCs, rules to come into effect from October 1
RBI on Tuesday announced several rules for Non-Banking Financial Company.
RBI: The Reserve Bank of India (RBI) on Tuesday announced several rules for Non-Banking Financial Company (NBFC). RBI is going to tighten the loan approval norms for NBFCs distributing loans to its directors and their relatives. This strict rule for loans has been implemented for directors of large and medium NBFCs.
See Zee Business Live TV Streaming Below:
RBI said that loans of Rs 5 crore or more would be possible only after the approval of the board. The bank further said that if a director is a partner in a firm, strictness will apply to him as well. Apart from this, builders will get the loan only when the project gets all the government approvals.
These rules of strictness in giving loans will be applicable from October 1, 2022.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
08:31 PM IST