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ARTICLE · 25 JUNE 2024

AKP Banking & Finance Digest- June 24, 2024

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Reserve Bank of India ("RBI") has issued a press release inviting applications for the recognition of Self-Regulatory Organisations ("SROs") for Non-Banking Financial Companies ("NBFCs").

IndiaFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI invites applications for recognition of SROs for NBFCs

Reserve Bank of India ("RBI") has issued a press release inviting applications for the recognition of Self-Regulatory Organisations ("SROs") for Non-Banking Financial Companies ("NBFCs"). These SROs will primarily oversee NBFCs in the categories of Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies (HFCs), and Factors (NBFC-Factors), though members from other NBFC categories may also be included. The applicants must meet membership composition requirements and achieve a minimum net worth of INR 2 crore within one year of being recognised as an SRO by the RBI, or before commencing operations. RBI will recognise a maximum of two SROs for the NBFC sector. RBI

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