Non-Banking Financial Companies (NBFCs) are required to constitute various committees for effective corporate governance. This article lists out some of the important committees to be constituted by the Base Layer NBFCs (NBFC-BL).
Board of Directors
Applicability
Companies Act, 2013
- Section 149(1) – Every company shall have a Board of Directors.
Composition of the Board
Companies Act, 2013
- Section 149(1) – The Board of Directors shall consist of individuals as directors –
- Public company – minimum 3 directors
- Private company – minimum 2 directors
- One Person Company – minimum 1 director
- Maximum 15 directors (more than 15 directors may be appointed after passing a special resolution)
- Section 149(4) – Every listed public company shall have at least 1/3rd of the total number of directors as independent directors.
Companies (Appointment and Qualifications of Directors) Rules, 2014
- Rule 3 – The following companies shall appoint at least 1 woman director –
- Every listed company
- Every other public company having – (a) paid–up share capital of ₹100 crore or more; or (b) turnover of ₹300 crore or more
- Rule 4(1) – The following companies shall have at least 2 independent directors –
- Public companies having paid up share capital of ₹10 crore or more; or
- Public companies having turnover of ₹100 crore or more; or
- Public companies which have, in aggregate, outstanding loans, debentures and deposits, exceeding ₹50 crore.
- Rule 4(2) – The following unlisted public companies shall not be covered under Rule 4(1) –
- Joint Venture
- Wholly owned subsidiary
- Dormant company as defined under section 455 of the Companies Act, 2013
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 38 – At least one of the directors shall have relevant experience of having worked in a bank / NBFC.
Terms of Reference of the Board
Companies Act, 2013
- Section 173(1) – Every company shall hold minimum 4 meetings of its Board of Directors every year in such a manner that not more than 120 days shall intervene between two consecutive meetings of the Board.
- Section 173(3) – A meeting of the Board shall be called by giving at least 7 days’ notice in writing to every director.
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 45.8.2 – The Board of Directors shall provide for periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. A consolidated report of such reviews shall be submitted to the Board at regular intervals, as may be prescribed by it.
- Para 45.14.1(ix) – In case of default in gold loans, the gold pledged shall be auctioned only through auctioneers approved by the Board.
- Para 1.3 of Annex II – The rationale and justification for any change in the Expected Credit Losses (ECL) model should be documented and approved by the Board.
- Para 2 of Annex VI – An NBFC shall have a reliable MIS designed to provide timely and forward-looking information on the liquidity position of the NBFC and the Group to the Board and ALCO, both under normal and stress situations. It should capture all sources of liquidity risk, including contingent risks and those arising from new activities, and have the ability to furnish more granular and time-sensitive information during stress events.
- 5.2.1 of Annex XIII – With regard to outsourcing of financial services by NBFCs, the Board, or a Committee of the Board to which powers have been delegated shall –
- Approve a framework to evaluate the risks and materiality of all existing and prospective outsourcing and the policies that apply to such arrangements.
- Lay down appropriate approval authorities for outsourcing depending on risks and materiality.
- Set up suitable administrative framework of senior management for the purpose of these instructions.
- Undertake regular review of outsourcing strategies and arrangements for their continued relevance, and safety and soundness.
- Decide on business activities of a material nature to be outsourced, and approving such arrangements.
- 5.9.2 of Annex XIII – With regard to outsourcing of financial services by NBFCs, a central record of all material outsourcing shall be updated promptly and half yearly reviews shall be placed before the Board or RMC.
Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025 dated June 06, 2025
- Para 49 – A report on unclaimed gold and silver collateral shall be put up to the Customer Service Committee or the Board, as the case may be, at half-yearly intervals for a review.
- Para 3(a)(vii) – “Designated Director" means a person designated by the Regulated Entity (RE) to ensure overall compliance with the obligations imposed under chapter IV of the PML Act and the Rules and shall include the Managing Director (MD) or a whole-time Director, duly authorized by the Board of Directors.
- Para 5A(c) – The outcome of ‘Money Laundering (ML) and Terrorist Financing (TF) Risk Assessment’ exercise (to identify, assess and take effective measures to mitigate its money laundering and terrorist financing risk for clients, countries or geographic areas, products, services, transactions or delivery channels, etc.) shall be put up to the Board or any committee of the Board to which power in this regard has been delegated.
- Para 6 – A “Designated Director” means a person designated by the RE to ensure overall compliance with the obligations imposed under Chapter IV of the PML Act and the Rules and shall be nominated by the Board.
Master Direction - Information Technology Framework for the NBFC Sector dated June 08, 2017 (applicable to NBFCs with asset size of ₹500 crore and above)
- Para 6 – The functioning of Business Continuity Planning (BCP) shall be monitored by the Board by way of periodic reports.
- Para 6.4 – NBFCs shall test the BCP either annually or when significant IT or business changes take place to determine if the entity could be recovered to an acceptable level of business within the timeframe stated in the contingency plan. The test should be based on ‘worst case scenarios’. The results along with the gap analysis may be placed before the Chief Information Officer (CIO) and the Board.
- Para 7.2 – The Board is responsible for effective due diligence, oversight and management of outsourcing and for managing risks inherent in such outsourcing relationships.
- Para 7.2 – The Board and IT Strategy committee shall institute an effective governance mechanism and risk management process for all IT outsourced operations.
Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021
- Para 52(b) – All loans classified as NPA above a threshold amount decided by the Board / Board Committee shall be reviewed by the Board / Board Committee at periodic intervals and a view, with documented rationale, be taken on transfer of loan exposures or otherwise.
Audit Committee of the Board (ACB)
Applicability
Companies Act, 2013
- Section 177(1) – Every listed public company shall constitute an ACB.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 14.2.1 – NBFC-Account Aggregator (NBFC-AA) shall constitute an ACB.
Composition of the committee
Companies Act, 2013
- Section 177(2) – ACB shall consist of minimum 3 directors (having majority independent directors).
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 14.2.1 – ACB of NBFC-AA shall consist of at least 3 members of its Board of Directors.
Master Direction - Information Technology Framework for the NBFC Sector dated June 08, 2017 (applicable to NBFCs with asset size of ₹500 crore and above)
- Para 5.1 – NBFCs shall have adequately skilled personnel in ACB who can understand the results of the IS Audit.
Terms of Reference of the committee
Companies Act, 2013
- Section 177(4) – ACB shall act in accordance with the terms of reference specified in writing by the Board which shall, inter alia, include –
- The recommendation for appointment, remuneration and terms of appointment of auditors of the company.
- Review and monitor the auditor’s independence and performance, and effectiveness of audit process.
- Examination of the financial statement and the auditors’ report thereon.
- Approval or any subsequent modification of transactions of the company with related parties.
- Section 177(5) – ACB may call for the comments of the auditors about internal control systems, the scope of audit, including the observations of the auditors and review of financial statement before their submission to the Board and may also discuss any related issues with the internal and statutory auditors and the management of the company.
- Section 247 – Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets or net worth of a company or its liabilities under the provision of Companies Act, 2013, it shall be valued by a person registered as a valuer and appointed by the ACB or in its absence by the Board of Directors.
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 1.3 of Annex II – Any adjustments to the ECL model output (i.e. a management overlay) should be approved by ACB and its rationale and basis should be clearly documented.
- Para 1.4 of Annex II – ACB should approve the classification of accounts that are past due beyond 90 days but not treated as impaired, with the rationale for the same clearly documented.
- Para 1.5 of Annex II – There is a rebuttable presumption under Ind AS 109 that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due. Ind AS 109 also permits that an NBFC can rebut this presumption if it has reasonable and supportable information that demonstrates that the credit risk has not increased significantly since initial recognition even though the contractual payments are more than 30 days past due. However, where NBFCs do rebut the presumption, it should be done only with clear documentation of the justification for doing so. All such cases shall be placed before the ACB.
- 5.9.6 of Annex XIII – Outsourcing of cash management, might involve reconciliation of transactions between the NBFC, the service provider and its sub-contractors. An ageing analysis of entries pending reconciliation with outsourced vendors shall be placed before the ACB.
- 5.9.7 of Annex XIII – A robust system of internal audit of all outsourced activities shall also be put in place and monitored by the ACB.
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) dated July 15, 2024 (applicable to Base Layer NBFCs asset size of ₹500 crore and above)
- Para 2.4 – A periodic review of incidents of fraud shall be placed before the Board / ACB.
- Para 4.3.3 – In fraud cases involving very senior executives [MD & Chief Executive Officer (CEO) / Executive Director (ED) / Executives of equivalent rank), the ACB shall initiate examination of their accountability and place it before the Board. Such executive shall not participate in the meeting of the Board / ACB in which their accountability is to be considered.
- Para 7.3.1 – During the course of the audit, auditors may come across instances where the transactions in the account or the documents point to the possibility of fraudulent transactions in the account. In such a situation, the auditor should immediately bring it to the notice of the senior management and if necessary, to the ACB for appropriate action.
Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016
- Para 8(a)(v) – REs shall submit quarterly audit notes and KYC compliance to ACB.
Nomination and Remuneration Committee (NRC)
Applicability
Companies Act, 2013
- Section 178(1) – Every listed public company shall constitute NRC.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 14.3.1 – NBFC-AA shall form a Nomination Committee.
Composition of the committee
Companies Act, 2013
- Section 178(1) – NRC shall consist of 3 or more non-executive directors (at least one-half independent directors).
- Section 178(1) – The chairperson of the company (whether executive or non-executive) may be appointed as a member of NRC but shall not chair NRC.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 14.3.1 – Nomination Committee of NBFC-AA shall consist of at least 3 members of its Board of Directors.
Terms of Reference of the committee
Companies Act, 2013
- Section 178(2) – NRC shall identify persons who are qualified to become directors and who may be appointed in senior management, recommend to the Board their appointment and removal and shall specify the manner for effective evaluation of performance of Board, its committees and individual directors to be carried out either by the Board, by NRC or by an independent external agency and review its implementation and compliance.
- Section 178(3) – NRC shall formulate the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Annex 4 – NBFC-AA should undertake a process of due diligence to determine the suitability of the person for appointment / continuing to hold appointment as a director on the Board. NBFC-AA should obtain necessary information and declaration from the proposed / existing directors (in format given at Annex-5). Based on the information provided in the signed declaration, Nomination Committee should decide on the acceptance or otherwise of the directors, where considered necessary.
Risk Management Committee (RMC)
Applicability
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 39 – NBFCs shall constitute RMC either at the Board or executive level.
Composition of the committee
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 14.4.2 – RMC of NBFC-AA shall consist of at least 3 members of its Board of Directors.
Terms of Reference of the committee
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 32B – NBFCs shall put in place Board approved limits in respect of various sub-segments under consumer credit, in particular, for all unsecured consumer credit exposures. The limits so fixed shall be monitored on an ongoing basis by the RMC.
- Para 39 – RMC shall evaluate the overall risks faced by the NBFC including liquidity risk.
- 5.9.2 of Annex XIII – With regard to outsourcing of financial services by NBFCs, a central record of all material outsourcing shall be updated promptly and half yearly reviews shall be placed before the Board or RMC.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 14.4.2 – RMC of NBFC-AA shall –
- Give due consideration to factors such as reputation, customer confidence, consequential impact and legal implications, with regard to investment in controls and security measures for computer systems, networks, data centres, operations and backup facilities.
- Have oversight of technology risks and ensure that the organisation’s IT function is capable of supporting its business strategies and objectives.
Asset-Liability Management Committee (ALCO)
Applicability
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Annex VI – Non-deposit taking NBFCs with asset size of ₹100 crore and above shall constitute ALCO.
Composition of the committee
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 1.1.2 of Annex VI – CEO / MD or the ED should head the Committee.
- Para 1.1.2 of Annex VI – Chiefs of Investment, Credit, Resource Management or Planning, Funds Management / Treasury (forex and domestic), Economic Research may be members of the Committee.
Terms of Reference of the committee
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 1.1.2 of Annex VI – ALCO shall ensure adherence to the risk tolerance / limits set by the Board and implement the liquidity risk management strategy of the NBFC.
- Para 1.1.2 of Annex VI – The role of the ALCO with respect to liquidity risk should include, inter alia, decision on desired maturity profile and mix of incremental assets and liabilities, sale of assets as a source of funding, the structure, responsibilities and controls for managing liquidity risk, and overseeing the liquidity positions of all branches.
- Para 2 of Annex VI – An NBFC shall have a reliable MIS designed to provide timely and forward-looking information on the liquidity position of the NBFC and the Group to the Board and ALCO, both under normal and stress situations. It should capture all sources of liquidity risk, including contingent risks and those arising from new activities, and have the ability to furnish more granular and time-sensitive information during stress events.
- Para 4.4 of Annex VI – The Board / ALCO shall approve the volume, composition, holding / defeasance period, cut loss, etc. of the ‘Trading Book'.
Special Committee of the Board for Monitoring and Follow-up of cases of Frauds’ (SCBMF) and Committee of the Executives (CoE)
Applicability
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) dated July 15, 2024
- Para 1.2.1 and Para 2.3 – Base Layer NBFCs with asset size of ₹500 crore and above shall constitute SCBMF.
- Para 1.2.1 and Para 2.3 – Base Layer NBFCs with asset size of ₹500 crore and above shall have the option of constituting CoE for the purpose of performing the roles and responsibilities of SCBMF.
Composition of the committee
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) dated July 15, 2024
- Para 2.3 – SCBMF shall consists of minimum 3 members of the Board (CEO or MD where CEO is not a whole-time director, and 2 independent directors).
- Para 2.3 – SCBMF shall be headed by one of the independent directors.
- Para 2.3 – CoE shall consist of minimum 3 members (at least one Whole-time director or equivalent rank Official).
Terms of Reference of the committee
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) dated July 15, 2024
- Para 2.3.1 – SCBMF shall oversee the effectiveness of the fraud risk management.
- Para 2.3.2 – SCBMF shall review and monitor cases of frauds, including root cause analysis, and suggest mitigating measures for strengthening the internal controls, risk management framework and minimising the incidence of frauds. The coverage and periodicity of such reviews shall be decided by the Board. The coverage may include, among others, categories / trends of frauds, industry / sectoral / geographical concentration of frauds, delay in detection / classification of frauds and delay in examination / conclusion of staff accountability, etc.
IT Strategy Committee (ITSC)
Applicability
Master Direction - Information Technology Framework for the NBFC Sector dated June 08, 2017
- Introduction and Para 1.1 – NBFCs with asset size above ₹500 crore shall form an ITSC.
Composition of the committee
Master Direction - Information Technology Framework for the NBFC Sector dated June 08, 2017
- Para 1.1 – The chairman of the committee shall be an independent director.
- Para 1.1 – Chief Information Officer (CIO) and Chief Technology Officer (CTO) should be a part of the committee.
Terms of Reference of the committee
Master Direction - Information Technology Framework for the NBFC Sector dated June 08, 2017
- Para 1.1 – Not more than 6 months should elapse between two ITSC meetings.
- Para 1.2 – The roles and responsibilities of ITSC include –
- Approving IT strategy and policy documents and ensuring that the management has put an effective strategic planning process in place.
- Ascertaining that management has implemented processes and practices that ensure that the IT delivers value to the business.
- Ensuring IT investments represent a balance of risks and benefits and that budgets are acceptable.
- Monitoring the method that management uses to determine the IT resources needed to achieve strategic goals and provide high-level direction for sourcing and use of IT resources.
- Ensuring proper balance of IT investments for sustaining NBFC’s growth and becoming aware about exposure towards IT risks and controls.
- Para 7.2 – The Board and IT Strategy committee shall institute an effective governance mechanism and risk management process for all IT outsourced operations.
- Para 7.3 – The role of ITSC in respect of outsourced operations shall include –
- Instituting an appropriate governance mechanism for outsourced processes, comprising of risk based policies and procedures, to effectively identify, measure, monitor and control risks associated with outsourcing in an end to end manner.
- Defining approval authorities for outsourcing depending on nature of risks and materiality of outsourcing.
- Developing sound and responsive outsourcing risk management policies and procedures commensurate with the nature, scope, and complexity of outsourcing arrangements.
- Undertaking a periodic review of outsourcing strategies and all existing material outsourcing arrangements.
- Evaluating the risks and materiality of all prospective outsourcing based on the framework developed by the Board.
- Periodically reviewing the effectiveness of policies and procedures.
- Communicating significant risks in outsourcing to the Board on a periodic basis.
- Ensuring an independent review and audit in accordance with approved policies and procedures.
- Ensuring that contingency plans have been developed and tested adequately.
- NBFC should ensure that their business continuity preparedness is not adversely compromised on account of outsourcing. NBFCs are expected to adopt sound business continuity management practices as issued by RBI and seek proactive assurance that the outsourced service provider maintains readiness and preparedness for business continuity on an ongoing basis.
Stakeholders Relationship (SR) Committee
Applicability
Companies Act, 2013
- Section 178(5) – A company which consists of more than 1000 shareholders, debenture-holders, deposit-holders and any other security holders at anytime during a financial year shall constitute a SR Committee.
Composition of the committee
Companies Act, 2013
- Section 178(5) – SR Committee shall consist of a chairperson who shall be a non-executive director and such other members as may be decided by the Board.
Terms of Reference of the committee
Companies Act, 2013
- Section 178(6) – SR Committee shall consider and resolve the grievances of security holders of the company.
Corporate Social Responsibility (CSR) Committee
Applicability
Companies Act, 2013
- Section 135(1) – Every company having net worth of ₹500 crore or more, or turnover of ₹1000 crore or more or net profit of ₹5 crore or more during the immediately preceding financial year shall constitute CSR Committee.
- Section 135(9) – Where the CSR amount to be spent by a company does not exceed ₹50 lakh, the constitution of CSR Committee shall not be required and the functions of such Committee shall be discharged by the Board of Directors.
Composition of the committee
Companies Act, 2013
- Section 135(1) – CSR Committee shall consist of 3 or more directors (including at least 1 independent director).
- Section 135(1) – Where a company is not required to appoint an independent director under section 149(4), it shall have in its CSR Committee 2 or more directors.
Terms of Reference of the committee
Companies Act, 2013
- Section 135(3) – The CSR Committee shall –
- Formulate and recommend to the Board, a CSR Policy.
- Recommend the amount of expenditure to be incurred on CSR activities.
- Monitor the CSR Policy.
Other Committees
Committee of Board on customer service
- Para 10(1) of Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 dated January 06, 2025 – Deviations from time periods stipulated in respect of updation, alteration of credit information, resolving disputes, etc. shall be monitored and commented upon in the periodical reports / reviews put up to the Board / Committee of Board on customer service.
Consumer Protection Committee
- Para 6 of Annex XIV to Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 dated January 06, 2025 – Credit Institutions should have a structured process of complaint redressal for which a Consumer Protection Committee should be constituted.
High Level Monitoring Committee
- Para 57(e) of Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 – REs shall constitute a “High Level Monitoring Committee” under the Designated Director or any other equivalent functionary to ensure compliance to reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS).
References
Government of India. (2014, March 31). 'Companies (Appointment and Qualifications of Directors) Rules, 2014'. Retrieved from https://www.mca.gov.in/content/mca/global/en/acts-rules/ebooks/rules.html
Government of India. (n.d.). 'Companies Act, 2013'. Retrieved from https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=NTk2MQ==&docCategory=Acts&type=open
Reserve Bank of India. (2016, September 02). 'Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Updated as on September 06, 2024)'. Retrieved from https://website.rbi.org.in/en/web/rbi/-/notifications/master-direction-non-banking-financial-company-account-aggregator-reserve-bank-directions-2016-updated-as-on-december-29-2022-10598
Reserve Bank of India. (2017, June 08). 'Master Direction - Information Technology Framework for the NBFC Sector'. Retrieved from https://website.rbi.org.in/web/rbi/-/notifications/master-direction-information-technology-framework-for-the-nbfc-sector-10999
Reserve Bank of India. (2021, September 24). 'Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 (Updated as on December 28, 2023)'. Retrieved from https://website.rbi.org.in/web/rbi/-/notifications/master-direction-reserve-bank-of-india-transfer-of-loan-exposures-directions-2021-updated-as-on-december-05-2022-12166
Reserve Bank of India. (2023, October 19). 'Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on February 27, 2025)'. Retrieved from https://website.rbi.org.in/web/rbi/-/notifications/master-direction-reserve-bank-of-india-non-banking-financial-copany-scale-based-regulation-directions-2023
Reserve Bank of India. (2024, July 15). 'Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)'. Retrieved from https://website.rbi.org.in/web/rbi/-/notifications/master-directions-fraud-risk-management-in-non-banking-financial-companies-nbfcs-including-housing-finance-companies-
Reserve Bank of India. (2025, January 06). 'Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025'. Retrieved from https://website.rbi.org.in/web/rbi/-/notifications/master-direction-reserve-bank-of-india-credit-information-reporting-directions-2025
Reserve Bank of India. (2025, June 06). 'Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025'. Retrieved from https://website.rbi.org.in/web/rbi/-/notifications/reserve-bank-of-india-lending-against-gold-and-silver-collateral-directions-2025
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