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As of March 31, 2021, the NBFC sector (including HFCs) had an asset size of over Rs 54 lakh crore in 12 categories and the sector is currently 25% of the size of banks.
RBI has issued a series of regulations, including Schedule Based Regulations (RBI introduces Schedule Based Regulations for NBFCs) that impact the NBFC industry.
In the current circular, the RBI, in order to ensure uniformity in the implementation of standards for income recognition, asset classification and provisioning in all credit institutions, clarified part of the existing guidelines that would be applicable to all credit institutions, including NBFCs.
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