What changed
RBI issued a consolidated version of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, updated as on June 30, 2013 (though the subject line references amendments up to June 30, 2012). The notification supersedes the earlier January 2, 1998 directions and serves as a single reference document for NBFCs.
What it means for you
NBFCs must now refer to this consolidated notification for all current rules on public deposit acceptance, including restrictions, interest rate ceilings, and reporting requirements. It ensures compliance with the latest regulatory framework and reduces ambiguity from multiple circulars.
What you must do
- Review the consolidated NBFC Public Deposit Directions 1998 as updated to June 30, 2013, and align your deposit acceptance policies accordingly.
- Ensure your NBFC's deposit solicitation, interest rates, and brokerage practices comply with the updated directions.
- Update internal compliance manuals and training materials to reference this single consolidated notification.
- Verify that all returns and certificates submitted to RBI reflect the latest requirements under these directions.
Who it affects
All Non-Banking Financial Companies (except Residuary Non-Banking Companies and Miscellaneous Non-Banking Companies)
Does this notification introduce new rules for NBFC deposits?
No, it consolidates existing rules from the 1998 Directions as amended up to June 30, 2013, into one document for easier reference.
Which NBFCs are exempt from these directions?
Residuary Non-Banking Companies and Miscellaneous Non-Banking Companies are not covered by this notification.
Where can I find the full updated notification?
The notification is available on the RBI website at http://www.rbi.org.in.