1) A Public Limited Government Company incorporated u/s 617 of the Companies Act, 1956 is engaged the development of Urban infrastructure. It is the Nodal Agency of the State Government for this purpose.
2) The State Government and Central Government release Funds to the Company in the form of Loans/ Grants which the Company disburses as Loans/ Grants to the Urban Local Bodies., viz., City Corporations, Town Municipalities, . Village panchayats, Notified Government Agencies etc., for development urban infrastructure in their jurisdictional geographies.
3) This activity is permitted by the Company’s Memorandum of Association.
4) Does this activity of the Company i.e, Giving of Loans/Advances/ Grants as th Nodal Agency of the Government for the above said purpose come under the regulatory framework as applicable to NBFCs?
5) If so, does this require registration with RBI as NBFC?