RBI ushers in corrective action scheme to better control NBFCs
The Hindu
Aim is to enable intervention, help entities apply timely remedy, says regulator
The Reserve Bank of India on Tuesday announced a Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs), to strengthen applicable supervisory tools.
This is in line with the PCA framework for banks, whose aim was to help improve their financial condition and governance issues.
The framework will apply to all deposit-taking NBFCs, all non-deposit taking NBFCs in the middle, upper and top layers, including investment and credit firms, core investment firms, infrastructure debt funds, infrastructure finance firms and microfinance institutions. It has excluded NBFCs not accepting or not intending to accept public funds, primary dealers and housing finance firms, along with government-owned ones. This will take effect October 1, 2022, the RBI said in a circular.
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