About Clasis Law

Clasis Law is one of the leading full-service Indian law firms which provide speedy services while upholding the law and following every regulation in the book. The firm is recognized as highly professional and process-driven, with the necessary systems and infrastructure to provide hassle-free services to clients. It has an established capability and operational ability to advise clients across borders through its vibrant network of international law firms located around the globe, including in some of the most difficult jurisdictions in the world. The firm's clients range from Fortune 500 companies to SMEs and small businesses. In addition, it provides specialized services to international SMEs that choose India as their preferred investment destination.


PCA Framework for NBFCs

The Reserve Bank of India (RBI) on December 14, 2021 has issued a press release on "Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs). This shall apply to :

1.    All Deposit Taking NBFCs (Excluding Government Companies)

2.    All Non-Deposit Taking NBFCs in Middle, Upper and Top Layers (Excluding - (i) NBFCs not accepting/not intending to accept public funds; (ii) Government Companies, (iii) Primary Dealers and (iv) Housing Finance Companies).

The PCA Framework for NBFCs shall come into effect from October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022.

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