The Reserve Bank of India issued a new set of norms for non-banking financial companies (NBFCs) through a circular dated 10 November.
The changes, which aim to increase transparency and improve compliance, come three years after a working group chaired by Usha Thorat, which examined issues and concerns in the sector, made its proposals.
Key aspects of the changes are outlined below.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
