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of <h1>Finance Act 2019 amends Section 45-IA RBI Act: New net owned fund norms for NBFCs, up to 100 crore.</h1> Section 45-IA of the Reserve Bank of India Act, 1934, has been amended by the Finance (No. 2) Act, 2019. The amendment modifies clause (b) in sub-section (1), stipulating that non-banking financial companies must have a net owned fund of twenty-five lakh rupees or an amount up to one hundred crore rupees as specified by the Reserve Bank of India through notification in the Official Gazette. The amendment also allows the Reserve Bank to set different net owned fund requirements for various categories of non-banking financial companies.
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