IND RBI Prompt Corrective Action

On Oct. 10, IND RBI extended scope of the PCA framework for NBFCs.

  • IND RBI reviewed and decided to extend scope of prompt corrective action (PCA) framework for non-banking financial companies (NBFCs) to government NBFCs.
  • Follows IND RBI Dec. 2021 issued PCA framework for NBFC, see #31896.
  • Extend the framework to government NBFCs except those in base layer.
  • Based on the audited financials of the NBFC as on Mar. 31, 2024, or thereafter.
  • Effectiveness
  • The amended framework will be effective from Oct. 1, 2024.

Regulators IND RBI
Entity Types B/D; MSB
Reference Nt RBI/2023-24/67, Ref. No.DoS.CO.PPG/SEC.05/11.01.005/2023-24, 10/10/2023
Functions Compliance; C-Suite; Exams; Financial; Legal; Operations; Reporting; Risk; Treasury
Countries India
Category
State
Products Corporate; Equity; Securities
Regions AP
Rule Type Final
Rule Date 10/10/2023
Effective Date 10/1/2024
Rule Id 187550
Linked to Rule :31896
Reg. Last Update 10/10/2023
Report Section International

Last substantive update on 10/13/2023