The Reserve Bank of India (RBI) yesterday invited applications for the recognition of Self-Regulatory Organisations (SROs) for NBFCs, under the omnibus framework issued in March.

The RBI said in a release that interested applicants seeking recognition as SROs can submit their application by 30th

September. The central bank said that SROs should ensure fair representation to smaller NBFCs, and have at least 10 percent of the total number of NBFCs in the base layer.

The RBI said that a maximum of two SROs for the NBFC sector will be recognised. 

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