India: proposed scale-based governance frameworks for NBFCs

The dominance of non-banking financial companies (NBFCs) in the fintech space and the reliance that retail users place on payments systems that NBFCs manage and operate has led to increasing concern about the systemic risks they pose. The ongoing liquidity crisis and the covid-19 pandemic have brought into focus the need for an updated governance framework. The Reserve Bank of India saw a need to review the regulatory framework and issued a discussion paper for feedback.

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