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Under the systemic regulation of Reserve Bank of India

Deposit taking non-banking finance companies (NBFCs) have been brought under systematic RBI regulation since January 1998 when they were asked to abide by a new framework of prudential norms. Thus, in one sense, NBFCs might not have been outside the RBI's radar. But their regulation has certainly gained a measure of prominence recently.

In March this year, the report of an RBI-appointed committee which went into the important issue of ensuring a level playing field between banks and NBFCs was made public.

In the recent mid-term review of its credit policy (October 31), the central bank had indicated that a revised draft of the earlier report incorporating the feedback received would be displayed on its site The revised report, "Financial regulation of systemically important NBFCs and banks' relationship with them", draws heavily from the earlier one. The RBI has promised to issue a final circular by the end of this month.

CRL

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