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Group representing NBFCs seeks to revisit SRO membership norm | Financial News
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The FIDC has around 160 NBFCs as members (Image: Ajay Mohanty).
3 min read Last updated: July 04, 2024 | 02:40 PM IST
The Finance Industry Development Council (FIDC) has requested the central bank to reconsider the membership guidelines for self-regulatory organisations (SROs) for non-banking financial companies (NBFCs). The industry association wants the stipulation that 10 per cent of the membership be taken from the base layer of NBFCs to be reduced to only companies that provide loans and have direct customer interface. Further, a clarification has been sought on whether an NBFC can be a member of more than one SRO.
FIDC has requested a meeting with the Reserve Bank of India (RBI) on these issues.
First published: July 04, 2024 | 2:40 PM IST