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32. Nomination rules under section 45QB of RBI Act

In terms of section 45QB of the RBI Act, the depositor/s of non-banking financial company may nominate, in the manner prescribed under the rules made by the Central Government under section 45ZA of the Banking Regulation Act, 1949 (BRAct) one person to whom, in the event of death of the depositor/s, the amount of deposit shall be returned by the non-banking financial company. It has been decided in consultation with the Government of India, that the Banking Companies (Nomination) Rules, 1985 are the relevant rules made under section 45ZA of the BR Act, 1949. Accordingly, non-banking financial company shall accept nominations made by the depositors in the form similar to that specified under the said rules.