SC: Readiness for Agreement Execution Must be Proven From Agreement Date, Not Only After Suit Filing  ||  Supreme Court: Long Gap Without Similar Criminal Conduct May Mitigate Sentence  ||  Supreme Court: Loss of Right Leg Constitutes 100% Functional Disability for a Mason  ||  Del HC Orders Fresh All India Tennis Association Elections by Sept 30, Sets Timeline for Amendments  ||  Bombay High Court Permits 26-Week Pregnancy Termination Due to Fetal Anomalies, Financial Hardship  ||  Uttarakhand High Court: NH Act Authority Cannot Challenge Collector-Fixed Circle Rate  ||  Consumer Court Directs Amazon, Seller to Pay Rs.4.68 Lakh to Customer as Compensation  ||  MP HC: Pension is a Proprietary Right and Cannot be Withheld unless Grave Misconduct is Proved  ||  HP High Court: ITBP Constable Removal For Affair Disproportionate; Orders Compulsory Retirement  ||  Calcutta High Court: Trade Licence Not Required For Advocates’ Partnership Registration    

Notification as 'Financial Institution' under Section 2(1)(m)(iv) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- (Reserve Bank of India) (25 Aug 2021)

MANU/RMIC/0115/2021

Banking

1. Please refer to Para 105 of Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 wherein certain criteria have been prescribed for notification of HFCs as 'Financial Institution' under Section 2(1)(m)(iv) of the SARFAESI Act.

2. In this connection, Government of India (GoI) has, vide its Gazette Notification No. S.O. 2405(E) dated June 17, 2021 notified the HFCs registered under Section 29A(5) of National Housing Bank Act, 1987 and having assets worth Rs. 100 crore & above, as 'Financial Institution' under Section 2(1)(m)(iv) of SARFAESI Act, 2002. In view of revision of the criteria for notification as 'Financial Institution' as per the abovementioned Gazette notification of GoI, the criteria prescribed under Para 105 of the aforesaid Master Direction are withdrawn with immediate effect.

3. The Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 is being modified accordingly.

Tags : FINANCIAL INSTITUTION. MODIFICATION   MASTER DIRECTIONS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved