Certain aspects should be ensured by designated authority other than the High Court while granting approval of amalgamation of a non-banking financial company (NBFC) with a banking company. Name the authority and discuss

Amalgamation of an NBFC with a banking company Where the NBFC is proposed to be amalgamated into a banking company, the banking company should obtain the approval of the Reserve Bank of India after the scheme of amalgamation is approved by its Board but before it is submitted to the High Court for approval. The following are ensured while granting the approval: The NBFC has violated /is likely to violate any of the RBI/SEBI norms and if so, ensure that these norms are complied with before the scheme of amalgamation is approved. The NBFC has complied with the 'Know Your Customer' norms for all the accounts, which will become accounts of the banking company after amalgamation. The NBFC has availed of credit facilities from banks/Fls and if so, whether the loan agreements mandate the NBFC to seek consent of the bank/FI concerned for the proposed merger/amalgamation.