Haryana to set up non-banking finance company

Haryana government today said it has decided to establish 'Haryana State Financial Services Limited', a non banking finance company for the management of surplus funds.
While stating this here today, an official spokesman said Chief Minister Manohar Lal Khattar has approved a proposal in this regard.
He said the company will be established as a limited company under the Companies Act and will be registered with Reserve Bank of India (RBI) as a non-banking finance company.
The authorised capital of the company will be Rs 10 crore and the paid up capital will be Rs 1 crore in the first instance.

The entire equity of the company will be held by the state government, the spokesman said.
The finance department will be the administrative department of the company, he added.