RBI Extends Prompt Corrective Action (PCA) Framework to Government NBFCs from October 1, 2024
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- Last Updated on 12 October, 2023
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Circular No. RBI/2023-24/67 Ref. No.DoS.CO.PPG/SEC.05/11.01.005/2023-24; Dated: 10.10.2023
Earlier, RBI vide circular dated Dec 14, 2021 introduced a Prompt Corrective Action (PCA) framework for NBFCs. The objective of framework is to enable supervisory intervention at an appropriate time and require supervised entity to initiate and implement remedial measures in a timely manner. Now, the RBI has decided to extend the framework to government NBFCs (except those in Base Layer) w.e.f 01.10.2024, based on the audited financials of NBFCs as on 31.03.2024 or thereafter
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