13. Downgrading of Credit Rating

In the event of downgrading of credit rating below the minimum specified investment grade as provided for in paragraph 9 above, a non-banking financial company, being an investment and credit company or a factor, shall regularise the excess deposit as provided hereunder;

(a) with immediate effect, stop accepting fresh public deposits and renewing existing deposits;

(b) all existing deposits shall run off to maturity; and

(c) report the position within fifteen working days, to the concerned Regional Office of the Bank where the NBFC is registered.

Provided no matured public deposit shall be renewed without the express and voluntary consent of the depositor.