Govt tweaks foreign owned NBFC norms

NBFCs with foreign holding of more than 75% are now allowed to open any number of subsidiaries.

The government today relaxed norms for the setting up of subsidiaries by foreign owned Non- banking financial companies (NBFCs).

NBFCs with foreign holding of more than 75 per cent and up to 100 per cent,with the minimum paid-up capital of USD 50 million,are now allowed to open any number of subsidiaries,an official release said.

As per the existing norms,only 100 per cent foreign- owned NBFCs,with a minimum capitalisation of USD 50 million are allowed to establish any number of step down subsidiaries for specific NBFC activities.

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“With a minimum capitalisation of USD 50 million,(foreign owned NBFCs) can set up step-down subsidiaries for specific NBFC activities,without any restriction on the

number of operating subsidiaries and without bringing in additional capital,” said a notification of the Department of Industrial Policy & Promotion.

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Centre agrees to declare Punjab ‘severely flooded’, enhanced funds on the cards

Cities3 hr ago

The Centre on Thursday approved a proposal by the Punjab government to declare the state “severely flooded”, it has been learnt. This came on a day Union Ministers Jitendra Singh and Jitin Prasada visited flood-hit areas in Pathankot and Gurdaspur, and assessed the damage due to the floods.

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