RBI asks NBFCs to implement core financial services solution by Sep 2025 | Economy News

NEW DELHI: The Reserve Bank on Wednesday asked a class of Non-Commercial Banks (NBFC) to implement the “Core Business Solutions (CFSS)” on September 30, 2025 to provide intuitive customer interface as well as in data center. foundation.

In a statement, the Reserve Bank of India (RBI) said it was planned that NBFCs – Middle Layer and NBFCs – Upper Layer with 10 and more ‘fixed field service delivery features’ as of October 1 , 2022 will be necessary to implement CFSS.

CFSS is akin to Core Banking Solution (CBS) adopted by banks.

“CFSS will provide for endless customer viewing in digital offerings and businesses related products and services with anytime / application, streamline NBFC services, provide centralized data and analytics, and benefit to create a good MIS, both for internal purposes. and process reporting, ”he said.

As of the time allotted, the two branches of the NBFC are to conduct CFSS on or before September 30, 2025.

However, NBFC – Layer Mount will ensure that CFSS is implemented at least 70 per cent of ‘Fixed field service delivery features’ on or before September 30, 2024.

In the case of NBFC – Base Layer and NBFC – Central and Upper Layers with less than 10 ‘Fixed field service delivery features’, implementation of CFSS is not necessary.

However, they may plan the implementation of the CFSS for their own benefit, the chapter said.

Further, a quarterly progress report on the implementation of the CFSS, including several major events will be provided by the NBFC-related RBI starting from the quarter ending March 31, 2023.

The middle layer consists of all deposit NBFCs (NBFC-Ds), regardless of asset size; non-deposit receiving NBFCs with assets Rs 1,000 crore and above. The NBFC is operating operations, such as fixed-income investors, infrastructure debt – NBFCs, major investment firms, real estate companies, infrastructure companies, even falling in the Middle Layer .

The Upper Layer contains those NBFCs which are primarily identified by the RBI as supporting the process improvement process based on the eternity system and evaluation process.

Fixed field service delivery ‘is a workplace from where the business of intermediate non-banking business is carried out by the NBFC and which is managed either by its own staff or external agents. Also Read: NSE, BSE to introduce T + 1 stock distribution from February 25: All you need to know

It carries a clothing label with the NBFC name and activities under the exclusive control of the NBFC. Also Read: Products to Buy in 2022: ICICI Bank, ITC, KNR Companies within Centrum Broking “Top Choices”

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