RBI invites applications for recognition of SROs for NBFCs

The Reserve Bank of India (RBI) has invited applications for Self-Regulatory Organisations (SROs) to oversee non-banking financial companies (NBFCs), including Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies (HFCs), and Factors. The SRO may also include other NBFC categories. RBI emphasizes a diverse membership including smaller NBFCs, requiring at least 10% representation from the total in the Base Layer of its Scale Based Regulatory Framework.