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of <h1>New Section 45NAA Empowers RBI to Demand Financial Info from NBFCs & Inspect Group Companies, Overriding Companies Act.</h1> Section 45NAA has been added to the Reserve Bank of India Act, 1934, empowering the Bank to require non-banking financial companies (NBFCs) to provide financial statements or information about their group companies. This can be done at specified times and intervals deemed necessary by the Bank. The section allows the Bank to inspect or audit any group company of an NBFC, overriding the Companies Act, 2013. 'Group company' includes entities related through subsidiary-parent, joint venture, associate, promoter-promotee, related party, common brand name, or significant equity investment, as per specified Accounting Standards.
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