In the backdrop of the prevailing regulatory regime and RBI’s concerns towards deposit taking activity by NBFCs, the Board of Directors in its meeting held on Feb 23, 2023 considered the issue of the Company voluntarily surrendering its deposit taking license and convert its status to ‘NBFC-Non Deposit’ taking (NBFC-ND).
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Taking a holistic view, the Board concluded that holding the deposit taking license is neither a business necessity nor serving the Company’s best interests. Therefore, the Board has decided to voluntarily surrender the Company’s deposit taking license and convert its status to NBFC-ND.
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