Piramal Enterprises Receives RBI's Go-Ahead To Kickstart Its NBFC Business

Piramal Enterprises on Tuesday informed that the company has received RBI's go-ahead to start its NBFC venture. The company however informed exchanges that it cannot accept deposits from the public.

The company said, "...we wish to now inform you that the Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act, 1934, has granted Certificate of Registration to the company to commence the business of non-banking financial institution without accepting public deposits. The said license was received by the company today i.e. 26th July, 2022."

As per the details furnished through the license, the recipient company can commence business as non-banking finance institution.

The company applied for the license in 2021.

Further, the period of license validity is without limitation.

Piramal Enterprises is a large cap entity engaged in the business of pharmaceuticals, including research and development, financial services and information management through its subsidiaries.