 "RBI, Reserve Bank of India")
The Reserve Bank of India (RBI) on Wednesday said non-banking finance companies (NBFCs) in the upper and middle layer, with ten or more fixed point service delivery units as of October 1, 2022, will have to mandatorily implement “Core Financial Services Solution (CFSS)” by September 30, 2025, a system akin to the Core Banking Solution used by banks.
It will provide seamless customer interface in digital offerings and transactions relating to products and services with anywhere / anytime facility, the RBI said in a statement. Further, it will enable integration of NBFCs’ functions, provide centralised database and accounting records, and
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