NBFCs with 75-99% foreign investment can form step-down subsidiaries if they meet $50M capitalization per FDI policy amendment.

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Full Text of the Document

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....Setting up of step down (operating) subsidiaries by NBFCs having foreign investment above 75% and below 100% and with a minimum capitalisation of US$ 50 million - amendment of paragraph 6.2.24.2 (1) (iv) of 'Circular 1 of 2012- Consolidated FDI Policy' - FDI GUIDELINES....