RBI introduces principles for mid, large NBFCs

Reserve Bank of India (RBI) on Monday introduced certain principles, standards and procedures for mid and large non-banking financial companies.The revised regulatory framework for NBFCs, issued in October 2021, had indicated that such entities in the upper layer (NBFC-UL) and middle layer (NBFC-ML) would be required to have an independent compliance function and a chief compliance officer (CCO).

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