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      Question

      As per the recent guidelines regarding NBFCs (Non

      Banking Finance Companies), the NBFCs in Upper and Middle layer are required to implement Core Financial Service Solution akin to Core Banking Solution if………..
      A 10 and more ’Fixed point service delivery units’ as on October 1, 2022 Correct Answer Incorrect Answer
      B 5 and more ’Fixed point service delivery units as on Nov 1, 2022 Correct Answer Incorrect Answer
      C 10 and more ’Fixed point service delivery units’ as on Nov 1, 2022 Correct Answer Incorrect Answer
      D 5 and more ’Fixed point service delivery units’ as on October 1, 2022 Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      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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