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CARE Ratings Research Report
In absolute terms, the asset size of non banking financial company sector (including housing finance companies), as on March 31, 2021, was over Rs 54 lakh crore with over 9,600 NBFCs registered across 12 categories and the sector has grown at a compound annual growth rate of close to 18% over the last five years and currently stands at 25% of the size of the banks.
The Reserve Bank of India has been issuing a series of regulations including the Scale Based Regulations (RBI introduces Scale-based Regulations for NBFCs) which are impacting the NBFC sector.
In the current circular, RBI to ensure uniformity in the implementation of Income Recognition, Asset Classification and Provisioning norms across all lending institutions has clarified a portion of the existing guidelines which would be applicable across all lending institutions including NBFCs.
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