<P> The working and operations of NBFCs are regulated by the Reserve Bank of India ( RBI ) within the framework of the ( ( Reserve Bank of India Act , 1934 ) ) ( Chapter III - B ) and the directions issued by it . On November 9 , 2017 , Reserve Bank of India ( RBI ) issued a notification outlining norms for outsourcing of functions / services by Non-Bank Financial Institution ( NBFCs ) As per the new norms , NBFCs can not outsource core management functions like internal audit , management of investment portfolio , strategic and compliance functions for know your customer ( KYC ) norms and sanction of loans . Staff of service providers should have access to customer information only up to an extent which is required to perform the outsourced function . Boards of NBFCs should approve a code of conduct for direct sales and recovery agents . For debt collection , NBFCs and their outsourced agents should not resort to intimidation or harassment of any kind . All NBFCs ' have been directed to set up a grievance redressal machinery , which will also deal with the issues relating to services provided by the outsourced agency . </P>
<P> The working and operations of NBFCs are regulated by the Reserve Bank of India ( RBI ) within the framework of the ( ( Reserve Bank of India Act , 1934 ) ) ( Chapter III - B ) and the directions issued by it . On November 9 , 2017 , Reserve Bank of India ( RBI ) issued a notification outlining norms for outsourcing of functions / services by Non-Bank Financial Institution ( NBFCs ) As per the new norms , NBFCs can not outsource core management functions like internal audit , management of investment portfolio , strategic and compliance functions for know your customer ( KYC ) norms and sanction of loans . Staff of service providers should have access to customer information only up to an extent which is required to perform the outsourced function . Boards of NBFCs should approve a code of conduct for direct sales and recovery agents . For debt collection , NBFCs and their outsourced agents should not resort to intimidation or harassment of any kind . All NBFCs ' have been directed to set up a grievance redressal machinery , which will also deal with the issues relating to services provided by the outsourced agency . </P>
non banking finance company ( nbfc ) is controlled by which organization
non banking finance company ( nbfc ) is controlled by which organization
Reserve Bank of India ( RBI )
Reserve Bank of India ( RBI )