NBFCs urge RBI to relax compliance rules as they convert into banks
Non-banking finance companies wants the Reserve Bank of India to relax compliance with norms for reserve ratio, priority sector and sectoral exposure while transforming into a bank. Also, through industry lobby group Finance Industry Development Council (FIDC), they have requested the regulator to pursue with the government, the issue of tax neutrality for restructuring existing entity (NBFCs) for becoming a bank under Non-operating holding company structure. FIDC has submitted its observations to RBI on recommendations put forth by the Internal Working Group of the RBI on ownership guidel...
Source: business-standard.com