ANNOUNCEMENT 03 Oct 2012
The foreign ownership limit for NBFC's to open step-down subsidiaries has been liberalised.
NUMBER OF INTERVENTIONS
Press Note No. 9 (2012 Series)
On 3 October 2012, the Department of Industrial Policy & Promotion through Press Note 9 (2012 Series) allowed Non-Banking Finance Companies having foreign investments of 75% to 100% and a capitalization of at least USD 50 million to open step-down subsidiaries without any restrictions. Earlier, only NBFCs with 100% foreign ownership were allowed to open such subsidiaries.