India, Oct. 6 -- The Reserve Bank of India (RBI) has recognised the Finance Industry Development Council (FIDC) as a Self-Regulatory Organisation (SRO) for NBFCs. This follows RBI's June 19, 2024 press release inviting applications for SRO recognition under the Omnibus Framework for recognition of SROs for Regulated Entities dated March 21, 2024.
Out of three applications received, FIDC met all prescribed requirements. The other two applications were not considered as they were incomplete by the submission deadline.
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