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RBI asks NBFCs to enable Core Fin Services Solution akin to that in banks

Upper & Middle layer NBFCs with 10 or more fixed point services delivery units should implement it by Sept 2025

RBI, Reserve Bank of India
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Subrata Panda Mumbai
The Reserve Bank of India (RBI) on Wednesday said non-banking finance companies (NBFCs) in the upper and middle layer, with ten or more fixed point service delivery units as of October 1, 2022, will have to mandatorily implement “Core Financial Services Solution (CFSS)” by September 30, 2025, a system akin to the Core Banking Solution used by banks.  

It will provide seamless customer interface in digital offerings and transactions relating to products and services with anywhere / anytime facility, the RBI said in a statement. Further, it will enable integration of NBFCs’ functions, provide centralised database and accounting records, and
Topics : NBFCs RBI

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First Published: Feb 23 2022 | 7:06 PM IST

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