RBI Reviews Corporate Governance Norms For NBFCs


The Reserve BankIndiaCSR News Network

NEW DELHI : The RBI has reviewed corporate governance and disclosure norms for NBFCs based on the feedback received from industry participants and the difficulties expressed by them in its effective implementation.

NBFCs shall furnish to RBI a quarterly statement on change of directors certified by the auditors and a certificate from the Managing Director that fit and proper criteria in selection of directors have been followed, the central bank said in a notification on Friday.

The quarterly statements, can be certified by the Managing Director, except that the statement pertaining to the quarter ended March 31 need to be necessarily certified by the auditors.

Independent / non-executive directors of an NBFC should be between 35 to 70 years of age. NBFCs shall communicate outcome of Board deliberations to directors and concerned personnel and prepare and circulate minutes of the meeting of Board to directors in a timely manner and to the extent possible within two business days of the date of conclusion of the Board meeting.

It is clarified that circulation of minutes within two business days is not mandatory and provisions in Companies Act, 2013 in this regard shall apply.

(Please send your feedback & comments to editor@indiacsr.in )

Please follow and like us:



Previous articleNational Mission For Clean Ganga Launches ‘Nirmal Ganga’ Sahbhagita Campaign
Next articleCSR Rule Impacts 25K Companies involving Rs 28K Cr Annually
India CSR Network
India CSR Network is India's biggest and most trusted news portal in the domain of CSR & Sustainability. India CSR welcomes stories, statements, updates, reports on issues that interest you. Feedback, comments will make it more purposeful and resourceful. It is designed and maintained by India CSR Group. Contents are non-fiction. Though all efforts have been made to verify the accuracy, the same should not be construed as a statement of law or used for any legal purposes. In case of any ambiguity or doubts, readers are advised to verify with the source(s). Statement, articles, views and contributions can be sent to editor@indiacsr.in