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Mar 31, 2022

Implementation of ‘Core Financial Services Solution’ by Non-Banking Financial Companies

The RBI, on October 22, 2021, mandated Non-Banking Financial Companies (‘NBFCs’) with 10 or more branches to adopt the ‘core banking solution’ adopted by banks (‘CBS’). The RBI has now, by way of Circular dated February 23, 2022 (‘Circular’), mandated NBFCs – Middle Layer and NBFCs – Upper Layer (‘NBFC-UL’) with 10 or more ‘fixed point service delivery units’ (as defined in the Circular) as on October 1, 2022, to implement the ‘Core Financial Services Solution’ (‘CFSS’), akin to the CBS, by September 30, 2025. An NBFC-UL, in particular, must implement the CFSS in at least 70% of fixed-point service delivery units on or before September 30, 2024.

The CFSS must (a) provide for seamless customer interface in digital offerings and transactions relating to products and services with an ‘anywhere / anytime’ facility; (b) enable integration of NBFCs’ functions; (c) provide a centralised database and accounting records; and (d) also be able to generate suitable management information systems ‘MIS’, both for internal purposes and regulatory reporting.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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