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Ecofy Gets NBFC License from RBI

Published on November 27, 2022
Current Context: The Reserve Bank of India (RBI) gave regulatory approval to Ecofy to operate as a non-deposit-taking Non-Banking Financial Company (NBFC).
Ecofy Gets NBFC License from RBI
  • The regulatory approval by the RBI makes Ecofy a one-of-a-kind green-only retail NBFC in India.
  • This approval will empower Ecofy to disburse the loan to individuals and small enterprises to enhance the transition to a zero-carbon world.
  • It will provide financial support in sectors such as:
  1. e-Vehicles (two-three wheelers)
  2. rooftop solar installations
  • An NBFC registered under the Companies Act of 1956/2013 is a company that provides a range of banking services but doesn’t have a banking license.
  • Ecofy is an Eversource-promoted company and was established in March 2022 with its headquarters in Mumbai. The current Directors of the company are Govind Sankaranarayanan and Pankaj Thapar.

Question:

Q.1 Recently Ecofy got the regulatory approval to operate as a non-deposit-taking Non-Banking Financial Company (NBFC) by?
a. SEBI
b. RBI
c. NABARD
d. SIDBI
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