Which are the records that need to be maintained under PMLA?
Prevention of Money Laundering Act, 2002(PMLA) is an Act enacted by the Government of India to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005. The Rules 3, 4 and 5 of PMLA 2005 amended by…
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How to Register an NBFC in India: Step-by-Step Guide
Non-Banking Financial Companies (NBFCs) are an essential part of India’s financial ecosystem, providing credit and financial services to individuals and businesses beyond the reach of traditional banks. Setting up an NBFC requires strict compliance with the Reserve Bank of India (RBI) regulations. Here’s a detailed breakdown of the requirements, documents, and registration process for obtaining…
Read article The Role of NBFCs in promoting Inclusive Growth in India
Non-Banking Financial Companies (NBFCs) have emerged as one of the strongest drivers of inclusive growth in India. By reaching individuals, entrepreneurs, and communities that are often beyond the reach of traditional banks, NBFCs act as growth catalysts for a more equitable economy. Their flexibility, innovation, and strong presence in underserved regions make them critical players…
Read article Regulators of NBFCs in India: A complete guide
The Reserve Bank of India (RBI) is the primary regulator for Non-Banking Financial Companies (NBFCs) in India, overseeing their registration, operations, and compliance under the RBI Act, 1934 to ensure financial stability and depositor protection. Other entities like the National Housing Bank (NHB), Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board…
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Penalties for Banking Offences in India
Banking is a trust-driven business, and strict laws ensure this trust is never compromised. In India, penalties for banking offences are laid down in two cornerstone legislations—the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934. These laws prescribe punishments ranging from imprisonment to hefty monetary fines, depending on the nature of…
Board for Financial Supervision (BFS): Watchdog for Banks and finance
The Board for Financial Supervision (BFS) is a pivotal body within the Reserve Bank of India, ensuring the health and integrity of India’s banking and financial ecosystem through robust oversight, risk management, and continuous regulatory enhancement. What is the Board for Financial Supervision? The BFS, formed in November 1994 on the recommendations of the Narasimham…
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