- The Reserve Bank of India has mandated NBFC – Middle and Upper Layers with 10 or more ‘Fixed point service delivery units’ (as on October 1, 2022) to implement ‘Core Financial Services Solution (CFSS)’ latest by September 30, 2025
- Core Financial Services Solution (CFSS) for NBFC is similar to what Core Banking Solution (CBS) is for banks.
- NBFC-Upper Layers (UL) have to also ensure that the CFSS is implemented at least in 70 per cent of ‘Fixed point service delivery units’ on or before September 30, 2024.
- For other NBFCs i.e NBFC – Base Layer and NBFC – Middle and Upper Layers with less than 10 ’Fixed point service delivery units, implementation of CFSS is not mandatory however they may consider the implementation of a Core Financial Services Solution for their own benefit.
Points to remember:
- Deadline for NBFC – Middle and Upper Layers to implement ‘Core Financial Services Solution (CFSS)’?- September 30, 2025
- Full form of CFSS?- Core Financial Services Solution
- RBI has mandated CFSS for which type of NBFC?- NBFC – Middle and Upper Layers with 10 or more ‘Fixed point service delivery units’
- NBFC-Upper Layers (UL) have to also ensure that the CFSS is implemented at least in ______ of ‘Fixed point service delivery units’ on or before September 30, 2024?= 70 per cent
Source: RBI