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On October 19, 2023, the Reserve Bank of India (u201cRBIu201d) has issued u2018Master Direction u2013 Reserve Bank of India (Non-Banking Financial Company u2013 Scale Based Regulation) Directions 2023u2019 (u2018SBR Master Directionu2019). The SBR Master Direction aims to harmonize the Previous Framework with the scale-based regulation of NBFC, published by the RBI on October 22, 2021 (u2018SBR Frameworku2019). As classified under the, the regulatory structure for NBFCs shall comprise of four layers based on their size, activity, and perceived riskiness into 4 (four) layers
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