The Reserve Bank of India, having considered it necessary in the public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987, hereby, in exercise of the powers conferred by Sections 45J, 45K, 45L and 45JA of the Reserve Bank of India Act, 1934 (2 of 1934) and all the powers enabling it in this behalf, directs that the said Directions contained in Notification No. DFC. 55 / DG (O) - 87 dated the 15th May 1987 stand amended, with immediate effect, as follows, namely :-

1. In paragraph 2, the words, "Non-Banking Financial Companies (Reserve Bank) Directions, 1977 " shall be substituted by the words, "Non-Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directions, 1998 ".
2. In paragraph 2, the following item shall be inserted, namely, -

" (ix) a mutual benefit company "

3. In paragraph 6, in Explanation No. 7, item (d), shall be substituted by the following, namely, -

" (d) FITCH Ratings India Private Ltd. ".

4. Paragraph 20 shall be substituted by the following, namely, -

5. In the Schedules ' B ' and ' C ' , the word, "Calcutta ", wheresoever it appears, shall be substituted by the word, " Kolkata ".

6. In the Schedule ' B ',

1. in item No. 3, in the ' Area under jurisdiction ' column, the words, " State of Madhya Pradesh " shall be substituted by the words, " States of Madhya Pradesh and Chattisgarh "
2. item No. 12 shall be substituted by the following, namely, -

3. in item No. 15, in the ' Area under jurisdiction ' column, the words, "State of Bihar " shall be substituted by the words, " States of Bihar and Jharkhand "

( R. Sadanandam )
Chief General Manager-in-Charge