NOF for ARCs shall be minimum Rupees 100 Crore. ARCs already registered with RBI have to achieve the prescribed minimum NOF level latest by March 31, 2019
RESERVE BANK OF INDIA
(Department of Non-Banking Regulation)
NOTIFICATION
Mumbai, the 28th April, 2017
Notification DNBR (PD-ARC) No. 05 /ED(SS)-2017.—In exercise of the powers conferred by clause (b) of sub-section (1) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Reserve Bank of India hereby specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees One Hundred Crore on an ongoing basis with effect from the date of this Notification.
2. All the ARCs which are already registered with Reserve Bank of India, having less than Rupees One Hundred Crore NOF shall achieve the prescribed minimum NOF level latest by March 31, 2019 and the same should be duly certified by the Statutory Auditors.
SUDARSHAN SEN, Executive Director
[ADVT.-III/4/Exty./258/17]
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