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of <h1>Loan Repayments Secured by Mortgages Now Classified as 'Deposits' Under NBFC Directions; Governed by Section 58A(3)(a.</h1> The circular addresses the treatment of loan repayments secured by mortgages, which were previously excluded from the definition of 'deposits' under the Non-banking Non-financial Companies (Reserve Bank) Directions, 1966, but are now included. It clarifies that these amounts, referred to in the first proviso to sub-para (2) of para 3 of the Directions, were considered 'deposits' even when accepted beyond specified limits. Therefore, their acceptance was in accordance with the Directions, and their repayment is governed by section 58A(3)(a).
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