The prudential framework for NBFCs has always been lighter than for banks — and deliberately so. The theory was that NBFCs, not being deposit-taking institutions (or taking limited deposits), posed less systemic risk and needed less stringent supervision. The IL&FS collapse, the DHFL fraud, and the Yes Bank-NBFC nexus proved this theory wrong. Since 2018, the RBI has progressively aligned NBFC prudential norms with bank norms — raising CRAR, tightening NPA recognition, imposing governance requirements, and restricting deposit acceptance.
This article covers 189 capital adequacy notifications, 182 NPA/IRAC notifications, 123 deposit acceptance notifications, and 427 governance notifications — with complete reference tables.
See also: NBFC Regulation — The Complete Timeline | Scale Based Regulation
For the narrative version, see Why NBFCs Aren't Banks