RBI to implement core finance services solutions by 2025

Reserve Bank of India has released a circular stating that NBFCs need to implement ‘Core Financial Services Solution (CFSS)’ by September 30, 2025.

The circular mentions that the Middle and Upper layer NBFCs need to incorporate it. CFSS needs to be implemented to provide customers with a smooth user interface and maintain a centralised database. The circular states that the NBFCs need to mandatorily implement CFSS by October 1, 2022.