Dear All,
A Revised Regulatory Framework for NBFCs’ in terms of Implementation of ‘Core Financial Services Solution’ by Non-Banking Financial Companies states that NBFCs with 10 and more branches are mandated to adopt Core Banking Solution.
A quarterly progress report on the implementation of the Core Financial Services Solution shall be furnished by the NBFC to the Senior Supervisory Manager (SSM) Office of Reserve Bank starting from the quarter ending March 31, 2023.
This circular is issued under Sections 45L and 45M of the Reserve Bank of India Act,1934.
The timeframe for implementation of the requirement is attached below
Link of Notification:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12247&Mode=0
About the Author
