Alerts & Updates

  • RBI grants in-principal approval for Payment Banks.


  • Online reporting with RBI.


  • Note on clarification issued by MCA.

Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director

The Reserve Bank of India ("RBI") has clarified that keeping deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from the RBI. Refunds of such deposits, arising in the event of selection of the person as director or getting more than twenty-five (25) percent votes, will be accorded the same treatment.

- Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director