Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008 – Amendment in paragraph 3A
The Reserve Bank of India (hereinafter referred to as “the Bank”), having considered it necessary in the public interest and for the purpose of proper assessment of books of accounts of NBFCs, in exercise of the powers conferred by Section 45MA of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, amend the Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008 as specified below.
1. In paragraph 3A, the following sentence may be added as sub clause No. (IV)
“Based on the criteria set forth by the Bank in the Notification viz; Non-Banking Financial Company- Micro Finance Institutions (Reserve Bank) Directions, 2011 dated December 02, 2011 for classification of NBFCs as NBFC-MFIs, whether the non-banking financial company has been correctly classified as NBFC-MFI as defined in the said Directions with reference to the business carried on by it during the applicable financial year”.