The International Financial Services Centres Authority (IFSCA) on January 05, 2024, issued the notification regarding the Inclusion of ‘Finance Company’ and ‘Finance Unit’ as ‘Credit Institution’ under clause (f) of section 2 of the Credit Information Companies (Regulation) Act, 2005.
The following has been specified: -
• ‘Finance Company’ and ‘Finance Unit’, undertaking the following permissible activities in IFSC, as ‘credit institution’:
(i) Lending in the form of loans, commitments and guarantees, credit enhancement, securitisation, financial lease, and sale and purchase of portfolios
(ii) Factoring and forfaiting of receivables
(iii) All or any of the activities mentioned in sub-clause (i) and (ii) above, if carried out by a Finance Company/Finance Unit as a Global/Regional Corporate Treasury Centre
(iv) All or any of the activities mentioned in sub-clause (i) and (ii) above, without a customer interface.
[Notification No. 172/IFSCA/Finance Company Regulations/2023-24/02]
