RBI Unveils Enchanting New Framework for NBFCs

In a dazzling spectacle at the Reserve Bank of India, the illustrious Governor Sanjay Malhotra unveiled a new framework for classifying non-banking financial companies (NBFCs) into upper, middle, and lower layers, akin to sorting students at Hogwarts! This fresh enchantment for 2024-25 will spotlight giants like Bajaj Finance and Tata Capital, while small NBFCs may soon find a way to escape the regulatory cauldron.

Quick rundown

RBI unveils new NBFC categorisation framework.
NBFCs to be classified into upper, middle, and lower layers.
Big players like Bajaj Finance and Tata Capital in upper layer.
RBI proposes deregistration for small NBFCs with no public funds.
Eligible NBFCs can apply for deregistration by September 2026.

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