Excelsior Correspondent
JAMMU, Aug 24: Department of Non-Banking Supervision (DNBS), Jammu, organised a meeting with Managing Directors, Chief Executive Officers / Statutory Auditors of NBFCs in Jammu and Kashmir in RBI, Jammu today.
The meeting was chaired by the Regional Director (RD) for Jammu and Kashmir, N K Sahu. In his address, the RD informed the participants about the rationale of the Revised Regulatory Framework for NBFCs and the regulatory requirements. In his address, he focussed on the need of achieving minimum prescribed Net Owned Fund, obtaining credit rating by the deposit taking companies, submission of revised Statutory Auditor’s Certificate, etc. He also emphasized on the need for registration with Financial Intelligence Unit (FIU-IND) by Deposit taking (category ‘A’) NBFCs and stated that the Reserve Bank stood for the healthy development of the NBFC sector.
P K Jain, DGM, DNBS also addressed the participants and clarified the Revised Regulatory Framework, Online Submission of various Returns and the general concerns about the NBFC sector.
The meeting was attended by 55 MD/CEOs/Statutory Auditors of various NBFCs of Jammu and Kashmir. The sessions were very interactive and various queries of the participants on the Revised Regulatory Framework of NBFCs, online submission of returns, etc. were answered by DNBS officials.
The meeting concluded with a vote of thanks by P K Jain, DGM, DNBS.
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