The Reserve Bank of India (RBI) vide notification dated February 23, 2022 has issued timeline for Implementation of ‘Core Financial Services Solution’ by Non-Banking Financial Companies (NBFCs). For NBFCs with 10 and more ’Fixed point service delivery units’ as on October 1, 2022 shall be mandatorily required to implement ‘Core Financial Services Solution (CFSS).
NBFC – Middle and Upper Layers with 10 or more ‘Fixed point service delivery units’ – On or before September 30, 2025. However, NBFC-UL shall ensure that the CFSS is implemented at least in 70 per cent of ‘Fixed point service delivery units’ on or before September 30, 2024. For NBFC – Base Layer and NBFC – Middle and Upper Layers with fewer than 10 ’Fixed point service delivery units, implementation is not mandatory.
