https://www.taxtmi.com/news?id=11567 The Reserve Bank found NBFCs had allowed unincorporated associates to accept public deposits through NBFC branches or by using NBFC officials, violating the statutory prohibition on unauthorized deposit taking; it issued public cautions, show cause proceedings under registration provisions, directions to desist from associating NBFC premises or staff with associates, referred matters to state authorities, and required transfer of funds to an escrow for repayment while regulatory proceedings continued. en-us Wed, 21 Aug 2013 15:49:25 +0530 Wed, 21 Aug 2013 15:49:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11567 The Reserve Bank found NBFCs had allowed unincorporated associates to accept public deposits through NBFC branches or by using NBFC officials, violating the statutory prohibition on unauthorized deposit taking; it issued public cautions, show cause proceedings under registration provisions, directions to desist from associating NBFC premises or staff with associates, referred matters to state authorities, and required transfer of funds to an escrow for repayment while regulatory proceedings continued. News - Wed, 21 Aug 2013 15:49:25 +0530 https://www.taxtmi.com/news?id=11567