International Journal on Science and Technology

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REGULATORY DYNAMICS OF NBFC: A COMPREHENSIVE STUDY ON FORMULATION AND OVERSIGHT MECHANISMS

Author(s) PRAKHYAT KUNJ PANDEY, Dr. Arvind Kumar Singh
Country India
Abstract This research paper critically examines the evolving legal and regulatory landscape of Non-Banking Financial Companies (NBFCs) in India, focusing on the Reserve Bank of India’s supervisory architecture, statutory powers, and the impact of the Scale-Based Regulation (SBR) Framework introduced in 2021. It analyses the systemic risks posed by NBFCs, particularly in light of high-profile defaults such as IL&FS and DHFL, which exposed regulatory arbitrage, liquidity mismatches, and governance failures. The study explores how the RBI’s regulatory responses-through master directions, prudential norms, and digital lending guidelines-have sought to fill legislative and supervisory gaps. It also examines the interplay between NBFC regulation and allied legal frameworks including the Insolvency and Bankruptcy Code, Prevention of Money Laundering Act, and SEBI Regulations. Comparative perspectives from the United States, United Kingdom, and global regulatory bodies like the Financial Stability Board (FSB) and Basel Committee are used to benchmark India’s approach. Employing a doctrinal methodology, the paper identifies key challenges and policy options to ensure that NBFC oversight remains both risk-sensitive and innovation-friendly, especially in the context of fintech convergence. It advocates for a harmonised, forward-looking, and technologically integrated regulatory model for India’s NBFC sector.
Published In Volume 16, Issue 4, October-December 2025
Published On 2025-10-09
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