Haryana Government has decided to establish “Haryana State Financial Services limited”, a non banking financial company for management of surplus funds.
The company would be established as a limited company under the Companies Act and registered with Reserve Bank of India (RBI) as a Non Banking Finance Company, said an official spokesman.
He said that the authorized capital of the company would be Rs 10 crore and the paid up capital would be Rs one crore in the first instance. The entire equity of the Company would be held by the State Government, he added.
The Finance Department would be the Administrative Department of the Corporation.
Haryana Government had announced to establish this corporation during the budget speech 2017-18.