MC EXCLUSIVE NBFC body FIDC gets in-principle approval from RBI to be an SRO, final nod expected soon

Finance Industry Development Council (FIDC), a leading representative body of Non-Banking Financial Companies (NBFCs) in India, has received an in-principle approval from the Reserve Bank of India (RBI) for a self-regulatory organisation (SRO) licence, people familiar with the matter have told Moneycontrol, with the final approval from the regulator expected in coming weeks.

“The RBI granted the in-principle approval some time back. Now, the final nod is awaited, and once that is in place, an announcement in this regard is expected from the central bank,” said the source who requested anonymity as the matter is still under regulatory process.

While specific details of the approval are not fully known, the move is being seen as a step towards strengthening the role and influence of NBFCs. FIDC has been actively engaging with the RBI and other regulatory bodies over the years, advocating for reforms, policy clarity, and the overall growth of NBFCs.

Once the final approval is granted, the RBI is expected to issue an official notification or circular outlining the details, the source said.