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| What is a Banking Company? |
Banking company under PMLA means a banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies and includes any bank or banking institution referred to in section 51 of that Act. Banking Company includes
- All nationalized banks, private Indian banks and private foreign banks,
- All co-operative banks viz. primary co-operative banks, state co-operative banks and central co-operative banks,
- State Bank of India and its associates and subsidiaries,
- Regional Rural Banks.
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| What is a Financial institution? |
| Financial Institution under PMLA means a Financial Institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a co-operative bank, a housing finance institution and a non banking financial company. Financial Institution includes: |
| (i) |
Financial Institutions as defined in Section 45-I of the RBI Act. RBI regulates and supervises 8 All- India Financial Institutions namely EXIM Bank, NABARD, NHB, SIDBI, IFCI Ltd., IDFC Ltd., IIBI Ltd. And TFCI Ltd. |
| (ii) |
Insurance companies, |
| (iii) |
Hire Purchase companies, |
| (iv) |
Chit fund companies as defined in the Chit Funds Act. |
| (v) |
Co-operative banks. |
| (vi) |
Housing finance institutions as defined in the National Housing Bank Act such as HDFC. |
| (vii) |
Non-banking financial companies as defined in section 45-I of the RBI Act such as private finance companies - motor and general, hire purchase companies, leasing companies, investment companies etc. |
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| What is an Intermediary? |
| Intermediary under PMLA includes following persons registered under Section 12 of SEBI Act:- |
| (i) |
Stock brokers |
| (ii) |
Sub-brokers |
| (iii) |
Share transfer agents |
| (iv) |
Bankers to an issue |
| (v) |
Trustees to trust deed |
| (vi) |
Registrars to issue |
| (vii) |
Merchant bankers |
| (viii) |
Underwriters |
| (ix) |
Portfolio Managers |
| (x) |
Investment advisers |
| (xi) |
Depositories and Depository Participants |
| (xii) |
Custodian of securities |
| (xiii) |
Foreign institutional investors |
| (xiv) |
Credit rating agencies |
| (xv) |
Venture capital funds |
| (xvi) |
Collective investment schemes including mutual funds |
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| What is a Chit Fund Company? |
Chit fund company means a company managing, conducting or supervising, as foremen, agent or in any other capacity, chits as defined in Section 2 of the Chit Funds Act, 1982.
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| What is a Co-operative Bank? |
Co-operative bank shall have the same meaning as assigned to it in clause(dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act 1961.
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| What is a Housing Finance Institution? |
Housing Finance Institution shall have the same meaning as assigned to it in clause (d) of section 2 of the National Housing Bank Act, 1987.
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| What is a Non-banking Financial Company? |
Non-banking financial company shall have the same meaning as assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934.
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