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of <h1>RBI Gains Power to Remove NBFC Directors Under Sections 45-ID & 45-IE for Financial Stability</h1> Sections 45-ID and 45-IE of the Reserve Bank of India Act, 1934, as amended by the Finance (No. 2) Act, 2019, grant the Reserve Bank of India (RBI) authority over non-banking financial companies (NBFCs). Section 45-ID allows the RBI to remove directors from office if their actions are deemed detrimental to public interest, depositors, creditors, or financial stability. Section 45-IE permits the RBI to supersede the Board of Directors of an NBFC, appoint an Administrator, and manage the company for up to five years to ensure proper management and financial stability. These provisions exclude government-owned NBFCs.
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