New Delhi, Oct. 6 -- The Reserve Bank of India (RBI) has officially recognised the Finance Industry Development Council (FIDC) as the Self-Regulatory Organisation (SRO) for Non-Banking Financial Companies (NBFCs).

The move aims to strengthen compliance, promote innovation, and support the overall development of the NBFC sector.

Under this framework, FIDC will oversee NBFCs by establishing industry standards and codes of conduct, monitoring compliance, resolving disputes, and acting as an intermediary between members and the regulator, reported TOI.

The recognition marks a significant step in enhancing governance and accountability in a sector that contributes to nearly one-third of India's lending activity.

SROs are intended to comple...