RBI asks NBFCs to implement core financial services solution by Sep 2025
Zee News
RBI said it has been decided that NBFCs - Middle Layer and NBFCs - Upper Layer with 10 and more 'fixed point service delivery units' as on October 1, 2022 shall be mandatorily required to implement CFSS.
New Delhi: Reserve Bank on Wednesday asked certain class of Non-Banking Financial Companies (NBFC) to mandatorily implement 'Core Financial Services Solution (CFSS)' by September 30, 2025 in order to provide seamless customer interface as well as have a centralised data base.
In a circular, Reserve Bank of India (RBI) said it has been decided that NBFCs - Middle Layer and NBFCs - Upper Layer with 10 and more 'fixed point service delivery units' as on October 1, 2022 shall be mandatorily required to implement CFSS.
CFSS is akin to the Core Banking Solution (CBS) adopted by banks.
"CFSS shall provide for seamless customer interface in digital offerings and transactions relating to products and services with anywhere/ anytime facility, enable integration of NBFCs' functions, provide centralised database and accounting records, and be able to generate suitable MIS, both for internal purposes and regulatory reporting," it said.
As per the timeline prescribed in the circular, the two categories of NBFCs have to implement CFSS on or before September 30, 2025.
