30. Branches and appointment of agents to collect deposits

(1) No non-banking financial company shall open its branch or appoint agents to collect deposits except as provided hereunder:

(i) a non-banking financial company having the certificate of registration issued under section 45-IA of the RBI Act and otherwise entitled to accept public deposits as per paragraph 12 of these Directions, shall open its branch or appoint agents if its

(a) NOF is up to Rs. 50 crore

Within the State where its registered office is situated; and

(b) NOF is more than Rs. 50 crore and its credit rating is AA or above

Anywhere in India

(2) (i) for the purpose of opening a branch, a non-banking financial company shall notify to the Bank of its intention to open the proposed branch;

(ii) on receipt of such advice, the Bank may, on being satisfied that in the public interest or in the interest of the concerned non-banking financial company or for any other relevant reasons to be recorded, reject the proposal and communicate the same to the non-banking financial company;

(iii) if no advice of rejection of the proposal under (ii) above is communicated by the Bank within 30 days from the receipt of such advice, the non-banking financial company may proceed with its proposal.