These include issuance of guidelines on governance in commercial banks in April 2021; a steady-state prudential framework for resolution of stressed assets in June 2019; securitisation of standard assets in July 2021; Scale Based Regulatory (SBR) framework for NBFCs in Oct 2021; revised regulatory framework for Urban Cooperative Banks in July 2022; guidelines on Digital lending in September 2022; revised guidelines for ARCs in October 2022; and issuance of discussion paper on Climate Risk and Sustainable Finance in July 2022.
12. The RBI has been ahead of the curve in creating an institutional architecture for new financial products and services. Peer to peer (P2P) lending, account aggregator (AA) framework, Unified Payments Interface (UPI), Trade Receivables Discounting System (TReDS) and allowing NBFCs to offer credit services over digital only platforms are instances of regulation helping the industry to grow in a systematic manner.