Chapter IIIB — Non-Banking Institutions and Financial Institutions
Section 45NA: Deposits not to be solicited by unauthorised persons
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 45NA prohibits persons who are not authorised in the manner contemplated by Chapter IIIB from soliciting deposits for or on behalf of specified non-banking institutions.
Operative provisionOfficial sources mappedProvision-specific decode
Finin2min - Section 45NA 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 45NA prohibits persons who are not authorised in the manner contemplated by Chapter IIIB from soliciting deposits for or on behalf of specified non-banking institutions.
Operative limb
The section addresses solicitation/intermediation and helps prevent unauthorised deposit mobilisation even where the underlying institution is separately regulated.
Legal boundary
Marketing, lead-generation and field-agent arrangements should be checked for authority, product eligibility and the current Public Deposits Directions.
Worked practical example
Facts. A freelance agent collecting leads for an NBFC deposit product may create Section 45NA risk if the solicitation is not authorised merely because the money is ultimately paid directly to the NBFC.
Compliance points and common mistakes
- Do not decide the issue from the heading alone. Map the facts to the operative words of Section 45NA and to each relevant subsection, clause, proviso or explanation shown above.
- Keep the statutory question separate from the operational overlay. Marketing, lead-generation and field-agent arrangements should be checked for authority, product eligibility and the current Public Deposits Directions.
- 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- Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.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
Questions and answers
What is the purpose of Section 45NA?
Deposits not to be solicited by unauthorised persons: Section 45NA prohibits persons who are not authorised in the manner contemplated by Chapter IIIB from soliciting deposits for or on behalf of specified non-banking institutions.
Which statutory limb should be checked first?
Scope - Section 45NA prohibits persons who are not authorised in the manner contemplated by Chapter IIIB from soliciting deposits for or on behalf of specified non-banking institutions.
What is the next legal boundary?
Operative limb - The section addresses solicitation/intermediation and helps prevent unauthorised deposit mobilisation even where the underlying institution is separately regulated.
What record should support the conclusion?
Section 45NA file evidence: Keep agent appointment/authority, scripts, advertisements, commission arrangements and evidence that only permitted deposits are solicited.
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 45NA: 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.