Tags:
Journalism of Courage
The government today relaxed norms for the setting up of subsidiaries by foreign owned Non- banking financial companies (NBFCs).
NBFCs with foreign holding of more than 75 per cent and up to 100 per cent,with the minimum paid-up capital of USD 50 million,are now allowed to open any number of subsidiaries,an official release said.
As per the existing norms,only 100 per cent foreign- owned NBFCs,with a minimum capitalisation of USD 50 million are allowed to establish any number of step down subsidiaries for specific NBFC activities.
“With a minimum capitalisation of USD 50 million,(foreign owned NBFCs) can set up step-down subsidiaries for specific NBFC activities,without any restriction on the
number of operating subsidiaries and without bringing in additional capital,” said a notification of the Department of Industrial Policy & Promotion.
