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    Question

    Any existing NBFC-ICC (Investment Credit Company) , intending to undertake factoring business, shall make an application to the Reserve Bank for grant of CoR under the Act and needs to have total assets of ₹…………………….. and above, as per the last audited balance sheet to fulfill the eligibility requirements

    A 500 crores Correct Answer Incorrect Answer
    B 750 crores Correct Answer Incorrect Answer
    C 1000 crores Correct Answer Incorrect Answer
    D 2000 crores Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Any existing NBFC-ICC, intending to undertake factoring business, shall make an application to the Reserve Bank for grant of CoR (Certificate of registration) under the Act if it satisfies the following eligibility criteria: (a)  not accepting or holding public deposits; (b)  total assets of ₹1,000 crore and above, as per the last audited balance sheet; (c)  meeting the NOF (Net owned Fund) requirement as prescribed in regulation 3 of these regulations; (d)  regulatory compliance.

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