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Recently, RBI issued the Master Direction – RBI (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023 (the 2023 Master Directions). These directions apply to NBFCs and supersede the existing NBFC – Non Systemically Important Non-Deposit taking (RBI) Directions, 2016 and NBFC – Systemically Important Non-Deposit taking Company and Deposit taking Company (RBI) Directions, 2016.

To access the text of the 2023 Master Directions, please click here

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