Opinion | The case for a unified supervision regime for NBFCs
Early last week, Cobrapost, an investigative blog, promised a “sting”. Non-deposit taking systemically important entities, tagged with the alphabet soup acronym NBFC ND-SI, are those with a threshold asset size greater than ₹500 crore—asset finance companies, asset reconstruction companies, infrastructure finance companies, and microfinance companies are among the various types that make up the broad group of NBFCs. Australia follows the “twin peak model” with the Reserve Bank of Australia as the lender of last resort coordinating stability measures with the Australian Prudential Regulation Authority, which supervises banks, building societies, credit unions, life and general insurance companies, reinsurance companies, private health insurers and superannuation funds. Indian non-banks are governed by a regulatory hodgepodge of RBI, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority, NHB, the ministry of corporate affairs and state governments. Srikrishna recommended that Sebi, Irda, the Pension Fund Regulatory and Development Authority and the Forward Markets Commission be merged under one regulator to be called the Unified Financial Authority.
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