Non-Banking Financial Companies

RBI directs NBFCs to implement ‘Core Financial Services Solution’ by September 30, 2025

The RBI has mandated that non-banking financial companies (NBFCs) – middle and upper layer — having 10 and more ‘Fixed point service delivery units’ as on October 1, 2022, will have to implement Core Financial Services Solution (CFSS), akin to the Core Banking Solution (CBS) adopted by banks, by September 30, 2025. Core Financial Services […]

The Reserve Bank introduces Internal Ombudsman mechanism for select Non-Banking Financial Companies (NBFCs)

The Reserve Bank of India has announced to introduce the Internal Ombudsman mechanism for following two types of Non-Banking Financial Companies (NBFCs): Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-deposit taking NBFCs with assets size of ₹5,000 crore must appoint an Internal Ombudsman (IO). Consequently, these two categories of NBFCs will have to appoint Internal Ombudsman (IO). The internal Ombudsman will

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