What is the wrong statement about NBFCs?

Solution

Housing Finance companies are regulated by RBI w.e.f 2019 Rest of the statements are true. As per the recent Scale Based Regulation by RBI for NBFCs NBFCs without public funds and customer interface will always remain in the Base Layer of the regulatory structure The extant NPA classification norm stands changed to the overdue period of more than   90 days for all categories of NBFCs. A glide path is provided to NBFCs in Base Layer to adhere to the 90 days NPA norm as under – NPA Norms                                     Timeline >150 days overdue                          By March 31, 2024 >120 days overdue                          By March 31, 2025 > 90 days                                         By March 31, 2026 The glide path will not be applicable to NBFCs which are already required to follow the 90-day NPA norm. There shall be a ceiling of ₹1 crore per borrower for financing subscription to Initial Public Offer (IPO). NBFCs can fix more conservative limits