Section 45IA(1) in The Reserve Bank of India Act, 1934
(1)Notwith-standing anything contained in this Chapter or in any other law for the time being in force, no non-banking financial company shall commence or carry on the business of a non-banking financial institution without—(a)obtaining a certificate of registration issued under this Chapter; and(b)having the net owned fund of twenty-five lakh rupees or such other amount, not exceeding two hundred lakh rupees, as the Bank may, by notification in the Official Gazette, specify.
