December 12, 2012

All NBFCs (except primary dealers)

Dear Sir,

‘Review of NBFC Regulatory Framework – Recommendations of the Working Group on Issues and Concerns in the NBFC Sector – Corporate Governance and Disclosures for NBFCs

The Reserve Bank set up a Working Group (WG) under the chairmanship of Smt. Usha Thorat, former Deputy Governor, RBI, to review the extant regulatory framework of NBFCs.  The WG submitted the report on August, 2011 which was placed in public domain by the Reserve Bank for comments. The report along with the feedback was examined by the Reserve Bank and accordingly, it has been decided to amend the existing Directions of NBFCs wherever applicable.

2.  The details of changes made to the existing regulatory framework on Corporate Governance and Disclosures for NBFCs are given in Annexes 1- 5.

Yours sincerely,

(Uma Subramaniam)
Chief General Manager-in-Charge

Encl: as above.