The Reserve Bank of India (RBI) on February 10, 2026, invites public comments on the draft Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026.
The following has been amended, namely:
• The RBI has proposed modifications to the existing Master Directions on NBFC Registration, Exemptions, and the Framework for Scale-Based Regulation (SBR). The key amendment provides for exemption from mandatory registration under Section 45IA of the RBI Act, 1934, for certain non-deposit taking NBFCs that do not accept public funds, do not have a customer interface, and have an asset size below ₹1,000 crore. This measure is designed to alleviate the regulatory burden for low-risk entities.
• However, the exemption is limited only to the requirement of obtaining a Certificate of Registration (CoR). Such entities will continue to remain under the regulatory and supervisory purview of the RBI, and the central bank retains powers to issue directions or take action if financial stability concerns arise. The amendment, therefore, does not dilute oversight but rationalises entry-level compliance requirements.
• The draft changes are aligned with the Scale Based Regulation (SBR) framework, under which NBFCs are classified into different regulatory layers based on size, activity, and risk profile. Overall, the proposed amendments seek to balance ease of doing business for smaller NBFCs with continued prudential supervision by the RBI.
• The comments/feedback on the draft Amendment Directions are invited from the NBFCs, members of the public, and other stakeholders till March 04, 2026. The comments/feedback may be submitted through the link under the ‘Connect 2 Regulate’ Section available on RBI’s website, or may alternatively be forwarded to “the Chief General Manager – in–charge Department of Regulation (SIG-NBFCs) Reserve Bank of India 12th Floor, Central Office Building Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001.”
