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RBI Moves to Tighten Regulations for NBFCs
May 20, 2019
The Reserve Bank of India (RBI) has issued guidelines to non-banking finance companies (NBFCs) that have an asset size of over ₹5,000 crore to immediately hire a chief risk officer, who has their role and responsibilities clearly specified. This mandate comes after the default by Infrastructure Leasing & Financial Services (IL&FS), a major lender.
The central bank has stated that with NBFCs becoming significant players in direct credit intermediation, it has become necessary to enforce strict control on their functioning. NBFCs should be in a position to boost their risk management practices by having a chief risk officer, who functions independently.
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