Explain the Power of Reserve Bank of India to 'Prohibit Acceptance of Deposit and Alienation of Assets' by Non-Banking Financial Companies (NBFCs).

Section 45MB of the Reserve Bank of India Act, 1934 provides that if any non- banking financial company violates the provisions of any section or fails to comply with any direction or order given by the Bank under any of the provisions of this Chapter IIIB, the Reserve Bank may prohibit the non-banking financial company from accepting any deposit. Notwithstanding anything to the contrary contained in any agreement or instruments or any law for the time being in force, the Reserve Bank, on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct, the non-banking financial company against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the Reserve Bank for such period not exceeding six months from the date of the order.