1. [Feb 1, 1964](https://www.rbi.org.in/commonman/english/history/Scripts/Brief_Chro1960to1971.aspx) - RBI was empowered to regulate the deposit acceptance activities of non banking institutions. New chapter IIIB inserted in RBI Act.
2. Entities which are not companies
1. [Link](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=1167#:~:text=other%20applicable%20regulations.-,ANNEX%20I,-Annex%2DII)
3. Companies
1. They are company registered under section 3 of the Companies Act, 1956 or the corresponding provision under the Companies Act, 2013
4. Non-Banking Companies
1. Regulation, supervision, surveillance under the Companies Act, 1956/2012
2. Regulator is MCA
3. Enforcement agency is state govt.
5. Non-Banking Financial Companies
1. A Non-Banking Financial Company (NBFC) is a company registered under section 3 of the Companies Act, 1956 or the corresponding provision under the Companies Act, 2013, and defined under Section 45-I of Chapter IIIB of the RBI Act, 1934, engaged in the
1. business of loans and advances,
2. acquisition of shares/ stocks/ bonds/ debentures/ securities issued by Government or local authority or other marketable securities of a like nature,
3. leasing, hire-purchase, etc., as their principal business,
4. but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/ purchase/ construction of immovable property.
2. In other words, NBFCs are companies engaged in financial activities such as loans, advances, leasing and investment, but without a banking licence.
3. Registration with RBI:
1. Any company which carries on the business of a non-banking financial institution as its principal business as defined in section 45I(c) read with section 45I(f) of the RBI Act, 1934 shall be treated as an NBFC and would be requiring registration under Section 45IA of the Act.
2. The term principal business has not been defined in the RBI Act, 1934. Hence, in order to identify a company as an NBFC, the following Principal Business Criteria as set forth in [Press Release 1998-99/1269 dated April 08, 1999](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=930) shall be referred, which considers both the assets and the income pattern as evidenced from the last audited balance sheet of the company, and the same is as under:
3. 50-50 rule - A company will be treated as an NBFC, if its financial assets are more than 50 per cent of its total assets (netted off by intangible assets) and income from financial assets is more than 50 per cent of its gross income. Both these tests are required to be satisfied as the determinant factor for determining principal business of a company.
4. There are also exemptions to this requirement of registration.
1. Exemption to requirement of registration - Chapter-IV - Exemptions from the provisions of the RBI Act, 1934 in [Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12965)
6. ==As RBI regulates and supervises the NBFCs registered with the RBI, so not all NBFCs are regulated by RBI.==
1. Housing Finance Company (HFC) registered under Section 29A of the National Housing Bank Act, 1987 are regulated by the RBI but supervised by NHB) in terms of Chapter III B of the Reserve Bank of India Act, 1934.==
7. ==Here is an [Overview of Regulators of Non-Banking Companies](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=1167#:~:text=other%20applicable%20regulations.-,ANNEX%20I,-Annex%2DII) in [FAQs on NBFCs](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=1167)==
8. They are different from banks in following ways:
1. NBFCs cannot accept demand deposits;
2. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
3. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to depositors of deposit taking NBFCs.
9. ==[FAQs on NBFCs](https://www.rbi.org.in/Scripts/FAQDisplay.aspx?Id=92)==
10. **Excessive Interest Rates charged by NBFC**
1. [May 18, 2007](RBI_Notification_20070518_Complaints%20about%20Excessive%20Interest%20Charged%20by%20Banks-UCBs.pdf) - Complaints about Excessive Interest Charged by Banks-UCBs
2. [May 24, 2007](RBI_Notification_20070524_Complaints%20about%20excessive%20interest%20charged%20by%20NBFCs.pdf) - Given the Complaints about excessive interest charged by NBFCs, RBI therefore advised, Boards of NBFCs to lay out appropriate internal principles and procedures in determining interest rates and processing and other charges.
3. [January 2, 2009](RBI_Notification_20090102_Regulation%20of%20excessive%20interest%20charged%20by%20NBFCs.pdf) - RBI issued Directions regarding excessive rates of interest charged by NBFCs.
11. [Aug 13, 2019](RBI_Notification_20190813_Priority%20Sector%20Lending%20–%20Lending%20by%20banks%20to%20NBFCs%20for%20On-Lending.pdf) - RBI allowed the on-lending/indirect lending model for bank credit to NBFCs for Agriculture/MSE/Housing to be eligible for classification as priority sector, subject to conditions. It helped to pump money into NBFCs after the IL&FS crisis.
## Types of NBFCs
They are categorized (a) in terms of:
1. the type of liabilities into Deposit and Non-Deposit accepting NBFCs;
2. regulatory structure of NBFCs under Scale Based Regulation into 4 layers based on their size, activity and perceived riskiness as detailed in [Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12965))
1. NBFC-Base Layer,
NBFCs in the lowest layer shall be known as NBFCs-Base Layer
2. NBFC-Middle Layer,
NBFCs in Middle Layer and Upper Layer shall be known as NBFCs-Middle Layer and NBFCs-Upper Layer respectively.
3. NBFC-Upper Layer, and
4. NBFC-Top Layer
The Top Layer is ideally expected to be empty and NBFCs in that Layer will be known as NBFCs-Top Layer
1. References to NBFC-ND, NBFC-ND-SI and NBFC-D - From October 01, 2022, all references to NBFC-ND (i.e., non-systemically important non-deposit taking NBFC) shall mean NBFC-BL and all references to NBFC-D (i.e., deposit taking NBFC) and NBFC-ND-SI (systemically important non-deposit taking NBFC) shall mean NBFC-ML or NBFC-UL, as the case may be.
3. by the kind of activity they conduct. Based on the type of activities they conduct, the different types of NBFCs are as follows:
1. Investment and Credit Company (ICC)
1. [February 22, 2019](RBI_Notification_20190222_Harmonisation%20of%20different%20categories%20of%20NBFCs.pdf) - RBI merged the three categories of NBFCs viz. Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs) into a new category called NBFC - Investment and Credit Company (NBFC-ICC).
2. Housing Finance Company (HFC)
3. Infrastructure Finance Company (IFC)
4. Infrastructure Debt Fund (IDF-NBFC)
5. Core Investment Company (CIC)
6. Micro Finance Institution (NBFC-MFI) *([created on December 02, 2011](RBI_Notification_20111202_Introduction%20of%20New%20Category%20of%20NBFCs%20-%20‘Non%20Banking%20Financial%20Company-Micro%20Finance%20Institutions’%20(NBFC-MFIs)%20-%20Directions.pdf))*
7. Non-Banking Financial Company – Factors (NBFC-Factors)
8. Mortgage Guarantee Companies (MGC)
9. [[Primary Dealers (PDs).md#^2|Standalone Primary Dealers]] (SPDs)
10. Non-Operative Financial Holding Company (NOFHC)
11. NBFC – Account Aggregator (NBFC-AA)
NBFC- Account Aggregator shall always remain in the Base Layer of the regulatory structure.
12. NBFC – Peer to Peer Lending Platform (NBFC-P2P)
1. NBFC-P2P means a non-banking institution which carries on the business of a Peer to Peer Lending Platform i.e., acting as intermediary providing the services of loan facilitation via online medium or otherwise, to the participants of the platform
2. September 2017 - New category of NBFC-P2P (peer to peer lending) was introduced
## Regulatory Framework
1. As part of regulatory framework for NBFCs, the Reserve Bank prescribes various Directions on prudential aspects to ensure that NBFCs are financially sound and follow transparency in their operations, like:
1. leverage,
2. provisioning,
3. corporate governance framework,
4. conduct of business aspects viz., KYC/ AML regulations, fair practices code, governance & disclosures, etc.
5. and other miscellaneous aspects
2. They are regulated by Department of [Department of Regulation (DoR)](Department%20of%20Regulation%20(DoR).md), and supervised by Department of [Department of Supervision](Department%20of%20Supervision.md)
1. ==[Box VI.4](RBI_Annual%20Report_2021.pdf#page=179&selection=143,4,143,16) - Structural Changes in Business Models of Non-Banking Financial Companies (NBFCs) and Strengthened Supervision== in RBI's Annual Report 2021.
### Master Directions - By Categories of NBFCs
In addition, the **categories of NBFCs**, mentioned below, shall also be subject to the regulations prescribed in the specified Master Directions:
1. Nov 28, 2025 - Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) [Directions](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12965), 2025
1. October 19, 2023, RBI issued [Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12550). This replaced the two Master Directions:
1. Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking Company (Reserve Bank) [Directions, 2016](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10585) *(NBFC-ND-NSI)*
2. Non-Banking Financial Company–Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) [Directions, 2016](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10586) *(NBFC-ND-SI)*
2. Nov 28, 2025 - [Reserve Bank of India (Non-Banking Financial Companies – Acceptance of Public Deposits) Directions](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12958) , 2025
1. They are applicable to NBFC-D registered with (and authorised to accept public deposit by) the RBI under the provisions of the RBI Act, 1934 and deposit taking HFC registered with the RBI under the provisions of the NHB Act, 1987.
3. Nov 28, 2025 - [Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12933), 2025
1. They are applicable to NBFC-MFI registered with the RBI under the provisions of the RBI Act, 1934.
4. Nov 28, 2025 - [Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12934)
1. They are applicable to NBFC-P2P registered with the RBI under the provisions of the RBI Act, 1934.
5. Nov 28, 2025 - [Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12936)
1. They are applicable to NBFC-AA registered with the RBI under the provisions of the RBI Act, 1934.
6. Nov 28, 2025 - [Reserve Bank of India (Core Investment Companies) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12937)
1. They are applicable to [CIC](https://rbi.org.in/scripts/FAQView.aspx?Id=81) registered with the RBI under the provisions of the RBI Act, 1934.
2. [Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016](RBI_Notification_20160825_Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016.pdf) *(withdrawn)*
7. Nov 28, 2025 - [Reserve Bank of India (Standalone Primary Dealers) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12938)
1. They are applicable to SPD registered with the RBI as NBFC under the provisions of the RBI Act, 1934.
8. Nov 28, 2025 - [Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12935)
1. They are applicable to MGC registered with the RBI under the scheme of Registration of Mortgage Guarantee Companies.
9. Nov 28, 2025 - [Reserve Bank of India (Housing Finance Companies) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12939)
1. They are applicable to the HFC registered with the RBI under the provisions of the NHB Act, 1987.
10. Nov 28, 2025 - [Reserve Bank of India (Non-Operating Financial Holding Companies) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12932)
1. They are applicable to the NOFHC registered with the RBI as NBFC under the provisions of the RBI Act, 1934.
### Master Directions -To All NBFCs
The regulatory framework for NBFCs is contained in following directions and notifications/ circulars issued from time to time
In addition, the regulatory instructions as prescribed in the following Master Directions shall be applicable to all NBFCs registered with the Reserve Bank, unless specified otherwise in the respective Master Directions:
1. [Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12962)
2. [Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12961).
3. [Reserve Bank of India (Non-Banking Financial Companies – Acquisition of Shareholding or Control) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12964)
4. [Reserve Bank of India (Non-Banking Financial Companies – Governance) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12960)
5. [Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12959)
6. [Reserve Bank of India (Non-Banking Financial Companies – Climate Finance and Management of Climate Change Risks) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12940)
7. [Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12954)
8. [Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12957)
9. [Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12953)
10. [Reserve Bank of India (Non-Banking Financial Companies – Transfer and Distribution of Credit Risk) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12952)
11. [Reserve Bank of India (Non-Banking Financial Companies – Securitisation Transactions) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12951)
12. [Reserve Bank of India (Non-Banking Financial Companies – Income Recognition, Asset Classification and Provisioning) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12948)
13. [Reserve Bank of India (Non-Banking Financial Companies – Resolution of Stressed Assets) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12947)
14. [Reserve Bank of India (Non-Banking Financial Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12946)
15. [Reserve Bank of India (Non-Banking Financial Companies – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12950)
16. [Reserve Bank of India (Non-Banking Financial Companies – Asset Liability Management) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12949)
17. [Reserve Bank of India (Non-Banking Financial Companies – Managing Risks in Outsourcing) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12941)
18. [Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12945)
19. [Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Declaration of Dividends) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12944)
20. [Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12955)
21. [Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12943)
22. [Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12956)
23. [Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12942)
24. [Reserve Bank of India (Non-Banking Financial Companies – Voluntary Amalgamation) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12963)
25. [Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12931)
### Priority Sector Lending
1. [Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12799)
1. [FAQs on Priority Sector Lending (PSL)](https://rbi.org.in/scripts/FAQView.aspx?Id=87)
### Notifications for NBFCs
1. [Link](https://rbi.org.in/Scripts/BS_ViewNBFCNotification.aspx)
### FAQs
1. [FAQs](https://www.rbi.org.in/Scripts/FAQView.aspx?Id=147) on Regulatory Framework for Microfinance Loans
2. ==[FAQs on NBFCs](https://www.rbi.org.in/Scripts/FAQDisplay.aspx?Id=92)==
3. [FAQs on Core Investment Companies](https://rbi.org.in/scripts/FAQView.aspx?Id=81)
4. [FAQs on Priority Sector Lending (PSL)](https://rbi.org.in/scripts/FAQView.aspx?Id=87)
## NBFC-MFI
1. **Definition:** Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) means a non-deposit taking NBFC which has a minimum of 60 percent of its total assets (netted off by intangible assets) deployed towards “microfinance loans” on an ongoing basis
1. They are required to be registered with RBI under the Section 45IA of the Reserve Bank of India Act, 1934 (Act No. 2 of 1934).
2. They are collectively referred to as ‘NBFC-MFIs’ and individually as an ‘NBFC-MFI’
3. “Microfinance loan” shall have the same meaning as given to it in [Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12957).
4. Exemption to requirement of registration - Chapter-IV - Exemptions from the provisions of the RBI Act, 1934 in [Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12965)
5. [FAQs](https://www.rbi.org.in/Scripts/FAQView.aspx?Id=147) on Regulatory Framework for Microfinance Loans, dated July 25, 2022
2. ==Categorisation of bank loans to NBFC-MFIs under the priority sector== ^9b48e9
1. May 3, 2011 - In the [annual Policy Statement for the year 2011-12](RBI_MPS_201105_FY11-12.pdf), based on the suggestions of the Malegam Committee report (2010),RBI announced bank loans to all MFIs, including NBFCs working as MFIs on or after April 1, 2011, will be eligible for classification as priority sector loans, subject to conditions.
2. [May 3, 2011](RBI_Notification_20110503_Bank%20loans%20to%20Micro%20Finance%20Institutions%20(MFIs)%20–%20Priority%20Sector%20status.pdf) - RBI issued the notification for the same
3. Present - Paras 22, 23 and 24 of the [Master Directions on Priority Sector Lending, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12799) permit banks to classify as PSL their lending to NBFCs including HFCs and NBFC-MFIs and other MFIs (Societies, Trusts etc.) which are members of RBI recognised SRO for the sector, for on-lending to eligible priority sectors.
### Pricing of microfinance loans by NBFC-MFI
[Link](Pricing%20of%20microfinance%20loans.md)
## Bank Finance to NBFCs
1. Nov 28, 2025 - Reserve Bank of India (Commercial Banks – Credit Facilities) [Directions](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13156), 2025
1. April 01, 2025 - [Master Circular](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12823) - Bank Finance to Non-Banking Financial Companies (NBFCs)
**Access to NDS-OM to NBFCs**
1. The anonymous order driven Government securities trading module on NDS which was launched in August 2005, was initially allowed to commercial banks and PDs but later extended to other NDS members such as insurance companies, mutual funds and bigger provident funds.
2. In addition to the direct access, indirect access through Constituent Subsidiary General Ledger (CSGL) route was permitted from May 2007 to select category of participants, viz., deposit-taking NBFCs, provident funds, pension funds, mutual funds, insurance companies, cooperative banks, regional rural banks and trusts.
3. November 2007 - With effect from this date, the CSGL facility was extended to the Systemically Important Non-Deposit taking NBFCs (NBFC-ND-SI).
4. May 2008 - Access to the CSGL facility on NDS-OM was further extended to other non-deposit taking NBFCs, corporates and FIIs.
5. These entities are allowed to place orders on NDSOM through direct NDS-OM members, viz., banks and PDs, using the CSGL route. Such trades will settle through the CSGL account and current account of the NDS-OM member. [^2]
## Groups/Committees/Occasional Papers
1. [Oct 28, 1998](RBI_Group-Committee_19981028_Summary%20of%20Recommendations%20of%20the%20Task%20Force%20on%20NBFCs.pdf) - Task Force on NBFCs (under the Chairmanship of C.M. Vasudev), constituted in August 1998.
2. April, 1996 - [Report](RBI_Group-Committee_199604_Report%20of%20the%20Expert%20Group%20for%20Designing%20a%20Supervisory%20Framework%20for%20Non-Banking%20Financial%20Companies%201996.pdf) of the Expert Group for Designing a Supervisory Framework for Non-Banking Financial Companies 1996 (Chairman-P.R Khanna)
3. Aug 4, 2005 - [Report](RBI_Group-Committee_20050804_Report%20of%20the%20Internal%20Group%20to%20Examine%20Issues%20Relating%20to%20Rural%20Credit%20and%20Microfinance_Chairman-H.R.%20Khan.pdf) of the Internal Group to Examine Issues Relating to Rural Credit and Microfinance
4. [Aug 29, 2011](RBI_Press%20Release_20110829_RBI%20releases%20Report%20of%20the%20Working%20Group%20on%20the%20Issues%20and%20Concerns%20in%20the%20NBFC%20Sector.pdf) - [Report](RBI_Group-Committee_20110829_Working%20Group%20on%20the%20Issues%20and%20Concerns%20in%20the%20NBFC%20Sector.pdf) of the Working Group (chaired by Smt. Usha Thorat, the then Director, Centre for Advanced Financial Research and Learning (CAFRAL)) on the Issues and Concerns in the NBFC Sector.
1. [Mar 07, 2011](RBI_Press%20Release_20110307_RBI%20sets%20up%20Working%20Group%20to%20examine%20Issues%20relating%20to%20NBFC%20Sector.pdf) - RBI set up Working Group to examine Issues relating to NBFC Sector.
5. [Feb 6, 2013]((https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=699) - Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loans NBFCs in India.
6. [Nov 6, 2019](RBI_Press%20Release_20191106_RBI%20releases%20the%20Report%20of%20the%20Working%20Group%20to%20Review%20the%20Regulatory%20and%20Supervisory%20Framework%20for%20Core%20Investment%20Companies.pdf) - [Report](RBI_Group-Committee_20191106_Report%20of%20the%20Working%20Group%20on%20Core%20Investment%20Companies.pdf) of the Working Group on Core Investment Companies
7. [Jan 22, 2021](RBI_Discussion%20Papers_20210122_Discussion%20Paper%20on%20Revised%20Regulatory%20Framework%20for%20NBFCs%20-%20A%20Scale-Based%20Approach.pdf) - Discussion Paper on Revised Regulatory Framework for NBFCs - A Scale-Based Approach
## List of NBFCs
1. [List of NBFCs and ARCs registered with the RBI](https://www.rbi.org.in/Scripts/BS_NBFCList.aspx)
## Related Notes
1. [Pricing of microfinance loans](Pricing%20of%20microfinance%20loans.md)
## References
### [[Speeches & Media Interactions|Speeches]]
1. RBI. (Mar 17, 1998). ==Seminar on Regulatory Framework for Non-Banking Financial Companies Key Note== (by Shri S. P. Talwar at Mumbai on 17th March, 1998). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=258)
2. RBI. (Aug 6, 2005). ==Micro-Finance : Reserve Bank’s Approach==. A speech by Dr. Y.V. Reddy, Governor, RBI at the Micro-Finance Conference organized by the Centre for Analytical Finance, Indian school of Business Hyderabad on August 6, 2005. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=206)
3. RBI. (Apr 27, 2012). ==Strengthening Governance in Microfinance Institutions (MFIs) - Some Random Thoughts==. (Keynote address by Mr. Anand Sinha, Deputy Governor, Reserve Bank of India at FICCI’s Workshop on ‘Strengthening Microfinance Institutions (MFIs): Good Governance and Strategic People Practices’ on April 23, 2012 at Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=690)
4. RBI. (Sep 17, 2013). ==Enabling Urban Microfinance==. (Keynote Address by Dr Deepali Pant Joshi, Executive Director, Reserve Bank of India at the Conference on The Challenges of Enabling Urban Finance organised by Minorities Development Department, Government of Maharashtra and MAVIM the State Womens’ Development Corporation on September 16, 2013 at Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=837)
5. RBI. (Nov 28, 2019). ==Microfinance as the next wave of Financial Inclusion==. (Shri M. K. Jain, Deputy Governor, Reserve Bank of India - November 26, 2019 - at the SIDBI National Microfinance Congress 2019 at Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1088)
6. RBI. (Nov 06, 2020). ==NBFC Regulation- Looking ahead - ==Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - November 6, 2020 - at the ‘National E-Summit on Non-Banking Finance Companies’ organized by ASSOCHAM. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1101)
7. RBI. (Oct 22, 2021). ==Chasing the Horizon== - Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – October 22, 2021 - at the CII NBFC Summit on Role of NBFCs in Achieving $5 trillion Economy. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1135)
8. RBI. Oct 27, 2021. ==**Micro finance: Empowering a Billion Dreams.==** (Inaugural Address by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - October 27, 2021 - at the Sa-Dhan National Conference on “Revitalizing Financial Inclusion”). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1137)
9. RBI. (Nov 07, 2022). ==Journey Towards an Inclusive and Responsible Microfinance Sector==. (Keynote address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - November 04, 2022 - at the launch of MFIN’s India Microfinance Review, Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1336)
10. RBI. (May 16, 2024). ==Embracing meaningful assurance for sustainable growth of the NBFC Sector== - Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - May 15, 2024 - at the Conference of Heads of Assurance of Non-Banking Financial Companies (NBFCs) held in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1432)
11. RBI. (Feb 9, 2024). ==No More a Shadow (of a) Bank== - Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – February 09, 2024 - at the NBFC Summit organised by Confederation of Indian Industry at Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1416)
12. RBI. (Nov 28, 2025). ==Micro Matters, Macro Momentum: Microfinance for Viksit Bharat==. Speech by Shri Swaminathan J, Deputy Governor at the MFIN event at Mumbai on November 14, 2025. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1535)
### [[Publications (Data Releases) & Research#Research|Research]]
[Groups/Committees](Groups%20and%20Committees.md)
1. RBI. (April 22, 1998). Committee on Banking Sector Reforms-Narasimham Committee – II (1998). [pdf](RBI_Group-Committee_19980422_Report%20of%20the%20Committee%20on%20Banking%20Sector%20Reforms-Narasimham%20Committee%20–%20II%20(1998).pdf)
1. RBI. (Aug, 1998). Box 1.2 - Major Recommendations of the Second Narasimham Committee Report on Banking Sector Reforms. Annual Report-1998.
2. RBI. (Dec 02, 1999). ==Task Force on Supportive Policy and Regulatory Framework for Micro Finance in India==. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=1347)
3. RBI. (Aug 4, 2005). Internal Group to Examine Issues Relating to Rural Credit and Microfinance. [pdf](RBI_Group-Committee_20050804_Report%20of%20the%20Internal%20Group%20to%20Examine%20Issues%20Relating%20to%20Rural%20Credit%20and%20Microfinance_Chairman-H.R.%20Khan.pdf)
4. RBI. Aug 29, 2011. Working Group (chaired by Smt. Usha Thorat, the then Director, Centre for Advanced Financial Research and Learning (CAFRAL)) on the Issues and Concerns in the NBFC Sector. [pdf](RBI_Press%20Release_20110829_RBI%20releases%20Report%20of%20the%20Working%20Group%20on%20the%20Issues%20and%20Concerns%20in%20the%20NBFC%20Sector.pdf)
1. [Mar 07, 2011](RBI_Press%20Release_20110307_RBI%20sets%20up%20Working%20Group%20to%20examine%20Issues%20relating%20to%20NBFC%20Sector.pdf) - RBI set up Working Group to examine Issues relating to NBFC Sector.
5. RBI. (Feb 6, 2013). Working Group to Study the Issues Related to Gold Imports and Gold Loans NBFCs in India. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=699) | [pdf](RBI_Report_20130206_Working%20Group%20on%20Issues%20Related%20to%20Gold%20Imports%20and%20Gold%20Loan%20NBFCs%20in%20India.pdf)
### [[Publications (Data Releases) & Research#Publications|Publications]]
1. RBI. (Aug, 1998). ==Box 1.2 - Major Recommendations of the Second Narasimham Committee Report on Banking Sector Reforms==. Annual Report-1998.
2. RBI. (Sep 11, 2020). ==Microfinance: Reaching out to the Bottom of the Pyramid==. RBI Bulletin - Sept, 2020 [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=19775)
3. RBI. (Dec 20, 2022). Financial Inclusion through Microfinance – An Assessment of the North-eastern Region of India. by S. Chinngaihlian and Pallavi Chavan. RBI Bulletin - Dec, 2022. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=21474)
4. Boxes in the Annual Reports of RBI
1. RBI. (2007). Banks and Financial Regulation of Systemically Important NBFCs.
2. RBI. (2009). Liquidity Crisis – Implications for NBFCs
3. [Box VI.3-NBFCs - Infrastructure Debt Fund](RBI_Annual%20Report_2012.pdf#page=133&selection=51,0,52,32) in
4. [Box VI.4-NBFC-Micro Finance Institutions](RBI_Annual%20Report_2012.pdf#page=133&selection=162,0,163,31) in Annual Report 2012
5. RBI. (2012). Recommendations of the Working Group on the Issues and Concerns in the NBFC Sector
6. RBI. (2012). Non-Financial Activities of NBFCs
7. RBI. (2013). Recommendations of the Working Group to Study Issues relating to Gold Imports and Gold Loan NBFCs in India.
8. RBI. (2013). NBFC-Factors
9. RBI. (2015). Asset Quality of NBFCs and Revised Guidelines.
10. RBI. (2016). NBFC-Account Aggregator
11. RBI. (2018). Regulatory Framework for Government-Owned NBFCs
12. RBI. (2019). Box VI.4-Liquidity Risk Management Framework for NBFCs. [pdf](RBI_Annual%20Report_2019.pdf#page=139&selection=68,0,68,45)
13. RBI. (2021). Box-Revised Regulatory Framework for NBFCs - A Scale-Based Approach.
14. RBI. (2022). Regulatory Framework for Microfinance Loans
5. Annual Reports of Microfinance Industry Network ([MFIN](https://mfinindia.org/))
### [Press Releases & Notifications](https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx)
1. RBI. Jan 13, 2000. RBI amends NBFC Directions. [Link](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=2248)
[^1]: RBI. (Nov, 2010). Second Quarter Review of Monetary Policy (2010-11). [pdf](RBI_MPS_201011_Q2.pdf)
[^2]: RBI. (Aug, 2008). "Access to NDS-Order Matching Platform" in RBI's Annual Report-2008. [Link](RBI_Annual Report_2008, page 233](RBI_Annual%20Report_2008.pdf#page=233&selection=6,0,6,27)
### Others
1. Annual Reports of Microfinance Industry Network [(MFIN)](https://mfinindia.org/Resources/annualreport)