Chapter IIIB — Non-Banking Institutions and Financial Institutions
Section 45M: Duty of non-banking institutions to furnish statements, etc., required by Bank
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 45M makes it the duty of non-banking institutions to furnish statements, information or particulars called for and to comply with directions given under Chapter IIIB.
Operative provisionOfficial sources mappedProvision-specific decode
Finin2min - Section 45M in 2 minutes
Statutory structure and clause / subsection decode
This map separates the operative limbs of this provision so thresholds, powers, conditions and exceptions are not collapsed into a single summary.
Scope
Section 45M makes it the duty of non-banking institutions to furnish statements, information or particulars called for and to comply with directions given under Chapter IIIB.
Operative limb
It converts RBI's information/direction powers into an express duty on the regulated institution.
Legal boundary
The exact filing/content obligation comes from the RBI requisition or direction; Section 45M supplies the statutory duty to respond and comply.
Worked practical example
Facts. If RBI seeks a portfolio-level statement under a Chapter IIIB direction, the NBFC should trace data to source systems and answer the specified fields; sending a generic management report may not satisfy Section 45M.
Compliance points and common mistakes
- Do not decide the issue from the heading alone. Map the facts to the operative words of Section 45M and to each relevant subsection, clause, proviso or explanation shown above.
- Keep the statutory question separate from the operational overlay. The exact filing/content obligation comes from the RBI requisition or direction; Section 45M supplies the statutory duty to respond and comply.
- Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
- Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.
Connected provisions and instruments
NBFC Registration, Exemptions and Scale Based Regulation — current frameworkCurrent operating framework is the RBI (NBFC – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025, amended in 2026; this existing Finin2min URL is retained.Reserve Bank of India (Digital Lending) Directions, 2025Current consolidated digital-lending requirements; RBI/2025-26/36 dated 8 May 2025. For NBFCs it expressly relies on sections 45JA, 45L and 45M among other statutes.RBI (NBFC – Governance) Directions, 2025Thematic NBFC governance direction issued 28 November 2025 and amended in 2026; enabling provisions include sections 45JA, 45K, 45L and 45M.RBI (NBFC – Credit Facilities) Directions, 2025Current thematic credit-facility framework issued 28 November 2025 and updated during 2026; enabling provisions include sections 45JA, 45L and 45M.
Questions and answers
What is the purpose of Section 45M?
Duty of non-banking institutions to furnish statements, etc., required by Bank: Section 45M makes it the duty of non-banking institutions to furnish statements, information or particulars called for and to comply with directions given under Chapter IIIB.
Which statutory limb should be checked first?
Scope - Section 45M makes it the duty of non-banking institutions to furnish statements, information or particulars called for and to comply with directions given under Chapter IIIB.
What is the next legal boundary?
Operative limb - It converts RBI's information/direction powers into an express duty on the regulated institution.
What record should support the conclusion?
Section 45M file evidence: Retain the requisition, data source, sign-off, submission acknowledgement, exception log and any correspondence about delay or correction.
Primary sources
- Department of Financial Services - consolidated RBI Act (states amendments through Finance Act, 2022)
- India Code - Reserve Bank of India Act, 1934
Source control for Section 45M: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.