Under the new Companies Act, 2013, appointment of deposit trustee is mandatory for corporates (both public and private) raising secured deposits from individuals, partnerships, and HUFs.
RBI requires NBFCs to maintain always full cover for public deposits accepted by them.
- NBFC to create a floating charge on the statutory liquid assets in favor of their depositors
- Floating charge can be created on statutory liquid assets, in favor of depositors through the mechanism of trust deed
Customised services include:
- Creation of security in favor of depositors
- Grievance redressal for depositors
Applicable in case of company deposits:
- Monitoring of deposit insurance
- Monitoring of charged assets of the company
- Monitoring the creation and adequacy of deposit repayment reserve account.