Penalty enhancement in Reserve Bank Act increases sanctions and strengthens Reserve Bank regulatory powers over NBFCs. Amendments to section 58B raise specific monetary penalties and alter clause language and cross references to broaden the conduct subject to sanction; the Bill separately proposes higher net owned fund requirements for NBFCs, new Reserve Bank powers to remove directors and supersede boards, authority to sanction auditors for non compliance, a resolution framework for NBFCs, and powers regarding group companies, with corresponding penalty increases proposed in section 58G.
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Penalty enhancement in Reserve Bank Act increases sanctions and strengthens Reserve Bank regulatory powers over NBFCs.
Amendments to section 58B raise specific monetary penalties and alter clause language and cross references to broaden the conduct subject to sanction; the Bill separately proposes higher net owned fund requirements for NBFCs, new Reserve Bank powers to remove directors and supersede boards, authority to sanction auditors for non compliance, a resolution framework for NBFCs, and powers regarding group companies, with corresponding penalty increases proposed in section 58G.
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