The Reserve Bank of India intends to simplify the registration process for non-banking finance companies (NBFCs).
According to deputy governor R. Gandhi, the new application forms will be simpler and the number of documents required to be submitted will be reduced. The entire process could be made online for ease, speed and transparency, he said at a seminar organized by ASSOCHAM. Gandhi said the NBFC sector cannot be on a par with the banking sector and the central bank’s stance was to ‘harmonize, not equalize’. He added that ‘Make in India’ and ‘Start Up’ businesses could offer fresh opportunities to NBFCs for growth. Gandhi also mentioned that the regulator will come out with a discussion paper on peer-to-peer lending and RBI would discuss about the pros and cons, whether it should be regulating or not.