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> NBFC RBI master direction checklist
NBFC RBI master direction checklist
Registration and Licensing
Verify registration with the Reserve Bank of India (RBI).
Ensure compliance with the minimum net owned fund requirement.
Confirm the validity of the Certificate of Registration (CoR).
Capital Requirements
Maintain minimum capital adequacy ratio as prescribed by RBI.
Ensure that the capital structure complies with guidelines for Tier I and Tier II capital.
Corporate Governance
Establish a Board of Directors with the requisite number of independent directors.
Implement policies for conflict of interest and related party transactions.
Ensure that the management structure is in line with RBI guidelines.
Prudential Norms
Adhere to the asset classification norms.
Maintain provisioning for non-performing assets (NPAs) as per RBI guidelines.
Check compliance with exposure limits to single and group borrowers.
Financial Reporting and Disclosure
Ensure timely submission of financial statements to the RBI.
Comply with the requirements for disclosures in the financial statements.
Maintain accounting records as per prescribed standards.
Risk Management Framework
Implement a risk management policy approved by the Board.
Establish a framework for identifying, measuring, and mitigating risks.
Conduct regular stress testing and reporting.
Customer Protection and Complaints Redressal
Establish a customer service policy compliant with RBI guidelines.
Set up a grievance redressal mechanism.
Maintain a register of customer complaints.
Compliance and Reporting
Designate a compliance officer to oversee regulatory compliance.
Prepare and submit periodic compliance reports to the RBI.
Conduct regular internal audits to ensure adherence to regulations.
Other Regulatory Requirements
Comply with the requirements for Know Your Customer (KYC) norms.
Adhere to anti-money laundering (AML) guidelines.
Ensure compliance with the Fair Practices Code.
This checklist serves as a guide for NBFCs to ensure compliance with the RBI's Master Directions. It is advisable to periodically review and update the checklist in line with any changes in regulations.
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