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Re: NGO Account In SBI
Routing Micro Credit through NGOs / MFIs functioning as financial intermediaries With the ultimate aim of increasing the outreach by financing large number of Self Help Groups. Eligibility : Societies registered under Societies Registration Act, 1960 or similar State Act. Trusts registered under Public Trust Act, 1920 or similar Act. Companies registered under Companies Act, 1956 including Section 25 companies. Non Banking Financial Companies providing financial services to SHGs which satisfy the following criteria as laid down by RBI may only be taken up for financing: Engaged in micro financing activities Licensed under section 25 of the Companies Act, 1956, which are not accepting public deposits from the purview of sections 45-IA(Registration), 45-IB (maintenance of liquid assets) and 45-IC (transfer of profits to Reserve Fund) of the RBI Act, 1934. Loan amount Need-based repeat finance Requirement of finance to be worked out based on the health of the NGO / MFI and the business plan as per the appraisal format Security Hypothecation of Book Debts of the NGOs / MFIs And , personal guarantee of the Promoters / Directors and charge over other available assets |
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