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of <h1>Finance Bill 2019: RBI Act Amendments Introduce Section 45MAA, Empowering RBI to Remove Auditors and Directors, Increase Penalties</h1> The Finance (No. 2) Bill, 2019 proposes amendments to the Reserve Bank of India Act, 1934, including the insertion of section 45MAA, granting the Reserve Bank authority to remove or debar auditors for non-compliance with its directives for up to three years. Additional amendments include enhancing net owned fund requirements for non-banking financial companies, empowering the Reserve Bank to remove directors and supersede boards, and introducing new sections for company resolution and group company oversight. Penalties under sections 58B and 58G are also proposed to be increased significantly.
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