Parabanking
Sahara India Financial Corporation Limited (SIFO) Official Website
http://www.sifo.in

RESIDUARY NON-BANKING COMPANY

SAHARA INDIA FINANCIAL CORPORATION LIMITED INDIA'S LARGEST RESIDUARY NON-BANKING COMPANY IN THE PRIVATE SECTOR WITH THE HIGHEST YEARLY DEPOSIT LEVEL.

  • First RNBC to be granted a certificate of registration by the Reserve Bank of India.
  • Number of deposit accounts as on Aug-2010-2.348 Cr..
  • 1508 Service Centres
  • Succeeded in inculcating the savings habit amongst the common man-middle/lower middle/lower class of the society with even a minimum daily deposit of Re.1.
  • Contributing to the national economy for the overall development of the country, through money invested in Government Securities, Banks & Institutions.
  • Compliance of 'KYC' and Anti Money Laundering standards of RNBC's issued by the Reserve Bank of India.
  • Sponsor of Sahara Mutual Fund.
  • Co-promoter of Life Insurance business under the name and style of Sahara India Life Insurance Company Limited.

Registration by Reserve Bank of India

Sahara India Financial Corporation Limited is the first Residury Non-Banking Company of the country that has been granted Certificate of Registration by Reserve Bank of India in conformity with directions applicable on Residuary Non-Banking Financial Companies (RNBCs)

Our Strong and Strict Fundamentals-

  • Stringent Expense Control with the Cost of Fund including Interest Cost about 7% per annum.
  • No Speculative Investment with total Investment in Equity at 0.85% of the Total Assets.
  • High-Class Quality Investment which restrict our Non-Performing Assets ratio to 0.04% only.
  • Capital Adequacy Ratio of 28.96% while the statutory requirement is for 12% only.

Our Controls & Checks-

  • Customised Application softwares are being used to provide prompt, error free & secure services to our Esteemed Depositors.
  • All Receipts & Payments are possible after a set of foolproof controls without any need for human reconciliation.
  • Each & every payment, at all Service Centers is through a computer processed advice issued from Command Office.
  • 1493 Service Centers have online connectivity through a network of VSAT's making communication fast & reliable.

"RESIDUARY NON-BANKING COMPANIES (RESERVE BANK OF INDIA) DIRECTIONS, 1987" WHICH ARE TOTALLY APPLICABLE ON SIFO.

THE DIRECTION : To invest and keep invested 100% of deposit liabilities along with interest accrued thereon in high quality securities as specified/approve d by Reserve Bank Of India (including Government Securities and/or Government Guaranteed Bonds and Fixed/Certificate of Deposit of Scheduled Commercial Banks and/or Government Financial Institutions).

SAFETY OF THE INVESTED SCRIPS : To keep scrips in safe custody with a nationalised bank. Not even a single paisa withdrawal from its investments for its expenses or other use. Withdrawals can only be possible for discharge of liabilities to the depositors.

SECURITY FOR DEPOSITORS : All these securities are to be valued at their current market price and the realisable value of all these assets should at any point of time be 100% or more of the aggregate deposit liabilities alongwith interest accrued thereon. Thus there is a full cover for all the depositors.

AUTHENTICATION : The above pattern of investment is authenticated on a quarterly basis by the statutory auditors and the auditors' certificate issued at the end of every March, June, September & December, is submitted to the Reserve Bank of India within a specified time. Various other returns as per statutory requirements are also furnished regularly.