Top headlines: RBI Dy Guv seeks strict norms for NBFCs, Biden gains ground

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RBI Dy Governor Rao calls for tighter regulations for large NBFCs

Newly-appointed deputy governor M Rajeshwar Rao said on Friday larger non-banking finance companies (NBFC) should be regulated as strictly as banks in order to preserve financial stability, at the same time letting the other NBFCs enjoy the light-touch regulation for the sector. The sector can expect to witness a graded regulatory framework for NBFCs "calibrated in relation to their contribution to systemic significance.” This may include having a relook on the regulation of microfinance institutions, and curtailing the regulatory arbitrage enjoyed by certain NBFCs that are neither too big