Power Finance Corporation Limited announced receiving NoC from Reserve Bank of India for setting up of a Finance Company by PFC in IFSC GIFT City Gujarat. Please refer to letter 04:07: Policy (D8): IFSC: 2022-23 dated 16th November 2022 and subsequent correspondence seeking No Objection from RBI to set up a Finance Company (as a wholly owned subsidiary) in International Financial Services Centre (IFSC) situated in GIFT City, Gujarat. 2. In this regard, RBI has no objection, subject to adherence to conditions prescribed in Paras 46.2 and 46.3 of Chapter VIII of the Master Direction ­ Reserve Bank of India (Non-Banking Financial Company Scale Based Regulation) Directions, 2023 issued vide DoR.FIN.REC.No.45/03.10.119/2023-24 dated October 19, 2023 as updated from time to time.