The return is required to be filed in the prescribed form irrespective of whether an NBFC holds public deposit or not and also by NBFCs whose applications for registration have been rejected, an RBI release here today said.

RBI reviewed its policy of exempting NBFCs not accepting public deposits from this requirement, in view of large scale non-compliance of the requirement particularly by those having of below Rs 25 lakh and still holding public deposit.

RBI has warned that any default or persistent non-compliance with this requirement will attract penal provisions under rbi act including cancellation of certificate of registration, if already issued or rejection of application for registration is still pending.

NBFCs have been advisedthat those who do not hold public deposits should not only submit +nil+ information, but also fill up information about nof as per last audited balance sheet in the space provided for in the format of the return.

In terms of rbi act, nbfcs are required to maintain liquid assets as a specific percentage of public deposits held on the last working day of the second preceding quarter. RBI has prescribed that liquid assets requirement will be 15 per cent of such deposits from april one, 1999.

With RBI shifting its regulatory focus to nbfcs holding public deposits, ascertaining at any point of time the number and names of NBFCs which accept/hold public deposits is considered to be necessary in order to direct the supervisory attention to such companies and also to protect the interest of depositors, the central bank said.

Keeping this in view, RBI has decided that all nbfcs, irrespective of the size of the nature of their operations, must submit this statutory return.

RBI had called for such return as ondecember 31, 1998 in the month of february.

The information/data gathered then was being presently analysed and necessary action is being taken, RBI said.