Question

RBI introduced the Scale based regulatory framework for NBFCs. As per the framework, NBFCs – Middle Layer and NBFCs - Upper Layer with _____ and more ’Fixed point service delivery units’ as on October 1, 2022 shall be mandatorily required to implement ‘Core Financial Services Solution (CFS

Q: Answer-RBI introduced the Scale based regulatory framework for NBFCs. As per the framework, NBFCs &ndash; M...

NBFCs Middle Layer and NBFCs - Upper Layer with 10 and more Fixed point service delivery units as on October 1, 2022 shall be mandatorily required to implement Core Financial Services Solution CFSS, akin to the Core Banking Solution CBS adopted by banks. The CFSS shall provide for seamless customer interface in digital offerings and transactions relating to products and services with anywhere anytime facility, enable integration of NBFCs functions, provide centralised database and accounting records, and be able to generate suitable MIS, both for internal purposes and regulatory reporting.