Group representing NBFCs seeks revisit of membership norm for SRO

Finance Industry Development Council has sought a meeting with the central bank

The Finance Industry Development Council (FIDC) has requested the central bank to reconsider the membership guidelines for self-regulatory organisations (SROs) for non-banking financial companies (NBFCs). The industry association wants the stipulation that 10 per cent of the membership be drawn from the base-layer of NBFCs to be narrowed only to firms that provide loans and have direct customer interface. Additionally, a clarification has been sought as to whether an NBFC can be a member of more than a single SRO.

FIDC has sought a meeting with the Reserve Bank of India (RBI) on these issues.