Finance Industry Development Council (FIDC), who received the approval of the Reserve Bank of India (RBI) to function as a self-regulating organization (SRO) of the Sector Non-Banking Finance Companies (NBFCS), will focus on important areas such as Governance, Information, Fair, Fairwecond told line In an interaction.
“The Board of Fidc will soon meet to discuss and disable the road. Let me make sure that everything that FIDC is expected as a SRO will certainly be done within the prescribed timelines. Our focus will be on the most important areas such as board, information, compliance, earlier practices, skills, skills and education,” said Aggarwal.
Important challenges
“Onnodig te zeggen dat we de belangrijkste uitdagingen van NBFC’s zullen blijven vertegenwoordigen en werken aan hun dringende herstel. De visie is duidelijk dat Weshall werkt aan het dienen van de NBFC -sector om het robuuster te maken, veerkrachtig, duurzaam, duurzaam en conform. Dit zal dan NBFC’s drogen om een belangrijke rol te spelen in het realiseren van een belangrijke rol in het realiseren van een belangrijke rol in het realiseren van de visie van een Vikst Bharat, “He has added.
Aggarwal said since the start of FIDC for two decades ago, the body wanted to play the role of SRO for the NBFC sector. The RBI has recognized the face as the SRO of the fintech industry, while micro-Financial settings have two recognized SROs, Mfin and SA-Dhan.
He says that when the RBI came up with the Omnibus SRO -Framework in March last year and then invited requests for SRO for NBFC’s in June, FIDC considered it an opportunity and immediately came into action.
“Based on the requirements of the Omnibus framework, we made the required structural and other changes and submitted our application to RBI in September 2024. During the processing of our application, RBI founded certain questions that were immediately responded. It was RBIs in April this year that we were received on Friday, and the final approval, and the approval, and the approval, good-good-good-property “He said.
Aggarwal emphasized that FIDC will remain agnostic for requests from NBFCs of all sizes, with different regions or product set. The RBI had received NBFC SRO requests from two more entities, but did not mention the same. Sources say that one of the applicants was the Association of Gold Loan Companies, who wanted a license to present the views of Gold Loan NBFCs, but could not provide full details until the last date of submission of the application.
“The NBFC sector has taken a long way. After experiencing extremely challenging times in the past, the sector has always come stronger and has proven its value. Late has been very encouraging and good words about the sector spoken by people at the top, including the Minister of Union Finance and the RBI.
Published on October 5, 2025
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