The remaining two applications were not considered since they were incomplete as on the last date of submission of application.
FinTech BizNews Service
Mumbai, October 3, 2025: The Reserve Bank had issued the press release on 'Invitation of applications for recognition of Self-Regulatory Organisations (SROs) for NBFCs' dated June 19, 2024 inviting applications for recognising SROs for NBFC sector.
The RBI had received three applications/ letters of interest for application for recognition as SRO for NBFCs. The applications/ references were examined against the relevant requirements as prescribed under the ‘Omnibus Framework for recognition of Self- Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024 and the aforementioned press release dated June 19, 2024.
Based on the examination, it has been decided to recognise Finance Industry Development Council (FIDC) as an SRO for NBFCs. The remaining two applications were not considered since they were incomplete as on the last date of submission of application.
This recognition is a landmark moment for the NBFC sector, underscoring its critical role in India’s financial system and its growing contribution to financial inclusion.
Mahesh Thakkar, Chairman, FIDC, responded to the development, saying: “We are honoured by this recognition, which reflects the regulator’s trust in the NBFC sector. This is both a celebration and a responsibility, and we are committed to further strengthening our role in building a resilient financial ecosystem,” said Mahesh Thakkar, Chairman, FIDC. The recognition places NBFCs at the forefront of India’s financial inclusion journey and aligns strongly with the vision of a Viksit Bharat.
