For the record, I must say that RBI’s regulatory jurisdiction in the non-bank sector is restricted to NBFCs that are defined as companies in which financial assets comprise more than half the total assets and income from those financial assets constitutes more than half the gross income.
BIS central bankers’ speeches  5  The Reserve Bank’s regulation of the NBFC sector focuses on both financial stability and consumer protection. The focus on financial stability is important because many of these NBFCs borrow from banks and their failure will have a negative impact on the balance sheets of banks and eventually on financial stability.