NBFCs - nomination facility available for Depositors
#1
Nomination facility is available to the depositors of NBFCs. The Rules for nomination facility are provided for in section 45QB of the Reserve Bank of India Act, 1934. Non-Banking Financial Companies have been advised to adopt the Banking Companies (Nomination) Rules, 1985 made under Section 45ZA of the Banking Regulation Act, 1949.

Accordingly, depositor/s of NBFCs are permitted to nominate, one person to whom, the NBFC can return the deposit in the event of the death of the depositor/s. NBFCs are advised to accept nominations made by the depositors in the form similar to one specified under the said rules, viz Form DA 1 for the purpose of nomination, and Form DA2 and DA3 for cancellation of nomination and variation of nomination, respectively.
Reply



Possibly Related Threads…
Thread Author Replies Views Last Post
  Can all NBFCs accept deposits? neetubm 4 8,037 04-20-2015, 12:43 PM
Last Post: sssheokand
  NBFCs - exempted from registration neetubm 1 7,262 11-10-2013, 11:00 PM
Last Post: anasuryad
  Responsibilities of the NBFCs neetubm 0 5,337 01-26-2010, 12:40 PM
Last Post: neetubm
  Role of Company Law Board in protecting the interest of depositors of NBFCs neetubm 0 6,946 01-26-2010, 12:29 PM
Last Post: neetubm
  The different types of NBFCs registered with RBI neetubm 0 5,187 01-26-2010, 11:32 AM
Last Post: neetubm
  Difference between banks & NBFCs neetubm 0 18,021 01-26-2010, 11:21 AM
Last Post: neetubm



Users browsing this thread:
1 Guest(s)

Powered By MyBB, © 2002-2024 Melroy van den Berg.