Corporate Updates – 18-09-2015


In continuation of the Ministry’s circular dated 10-08-2015, the MCA has extended the last date of receipt of applications for the post of Technical Member (2 Post) in NCLAT, Judicial Member (18 Post) in NCLT and Technical Member (10 Post) in NCLT from 01-09-2015 to 28-09-2015. Those who have already applied earlier are need not required to apply again and other terms and conditions will remain the same.


RBI has decided to grant “in-principle” approval to the 10 applicants to set up small finance banks under the “Guidelines for Licensing of Small Finance Banks in the private sector” (Guidelines) issued on November 27, 2014. The “in-principle” approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of “in-principle” approval, the RBI would consider granting them a license for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular license is issued, the applicants cannot undertake any banking business.

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