RBI New Guidelines for non-banking businesses: Non-banking financial organizations will pay 100% of the money within the first three months of collecting customer deposits, according to the Reserve Bank, which reviewed the regulations governing NBFCs.
RBI New Guidelines for non-banking businesses: In a significant directive, the Reserve Bank of India (RBI) stated that non-banking financial institutions (NBFCs) must pay the full amount within the first three months of receiving the deposit. But in order to do so, the depositor must provide an emergency reason for the withdrawal. The Reserve Bank stated that no interest will be paid for such an early withdrawal during a review of the regulations governing NBFCs. The aforementioned modifications will take effect on January 1, 2025.
RBI New Guidelines for non-banking businesses 2024
“In cases of serious illness, depositors may request to withdraw 100% of the principal amount of their deposit within three months of the date of deposit acceptance,” stated the Reserve Bank of India. The depositors will not receive interest in this case.
Natural catastrophes and medical emergencies are examples of emergency circumstances. If an early withdrawal is requested within three months and there is no urgency, NBFCs may reimburse up to 50% of the deposit amount interest-free. This sum, though, is limited to fifty percent.
