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UES 7. Can all NBFCs accept deposits and what are the requirements for accepting Public Deposits?

April 26, 2017accepting deposits nbfcs public requirements ues

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UES 7. Can all NBFCs accept deposits and what are the requirements for accepting Public Deposits?

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ANS 7. All NBFCs are not entitled to accept public deposits. Only those NBFCs holding a valid Certificate of Registration with authorisation to accept Public Deposits can accept/hold public deposits. The NBFCs accepting public deposits should have minimum stipulated Net Owned Fund and comply with the Directions issued by the Bank.