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 (CFSS)’, similar to the Core Banking Solution (CBS) adopted by banks.Solution
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.
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