Class "C" licensed institution - Banking Tayaari

 

Class "C" licensed institution

Subject to BAFIA and the MOA/AOA the limitation and conditions imposed and directives issued by the Rastra Bank, Class "C" financial institution may carry on the following financial transactions, in the addition to the financial transactions referred to class "A" bank in clauses (a); (b),(f), (h), (j), (k), (p), (r), (t), (u) and (x).

a. Disbursing credit for hire purchase, leasing, housing loans. 

b. Making arrangements for jointly disbursing credits on the basis of consortium financing in collaboration with other banks or financial institutions in accordance with the mutual agreement entered into for the division of the collateral paripassu.

c. Raising loans having mortgaged its movable and immovable assets.

d. Making appropriate provisions of its assets, selling or renting them out. 

e. Issuing, accepting, paying, discounting, or purchasing and selling bills of exchange, promissory notes, cheques, traveler's cheques, drafts, etc.

f. Carrying out foreign currencies transactions with approval from the Rastra Bank;

g. Disbursing installment or hire-purchase credit to any person, firm, company or institution for motor vehicles, machinery ,tools, equipment durable household goods or similar 'other movable property.

h. Making available lease finance to any person, firm, company or institution to hire transport vehicle, machines, tools or instruments, household durable goods, or the like movable assets or giving or taking such on hire;

i. Issue guarantees on behalf of its customers, having such customers executed necessary bonds in consideration thereof, obtaining security, and acquiring their movable or immovable properties as collateral or on mortgage, or the assets of third third persons as collateral. 

j. Selling off or leasing out whole or part of its assets.

k. Prescribing prices of goods on consent with the finance company and seller in case any goods procured has to be sold to other purchaser on current price deferred price. 

1. Carry out such other functions as may be prescribed by the Rastra Bank.