The Reserve Bank of India (RBI) on October 10, 2023, issued a notification regarding the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs) – Extension to Government NBFCs.
The following has been stated namely: -
• Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs) – Extension to Government NBFCs
• The Reserve Bank of India introduced the PCA Framework for NBFCs on December 14, 2021. The Framework has since been reviewed and it has been decided to extend the same to Government NBFCs (except those in the Base Layer)
This is in effect from October 1, 2024, based on the audited financials of the NBFC as of March 31, 2024, or after that.
[Notification No. RBI/2023-24/67]
