In the previous article of this series, we traced the evolution of the regulatory landscape governing NBFCs in India. Building on that foundation, this article examines the RBI's SBR Framework, introduced to address systemic risks arising from the unchecked growth of NBFCs within a highly interconnected financial ecosystem. The framework represents a fundamental shift in regulatory architecture, aimed at strengthening stability and resilience. For NBFCs, navigating this new environment will require stronger governance, investment in technology, and a culture of prudence and accountability. Strategic realignment around operational resilience, human capital, and enhanced disclosures will be essential. With effective execution, the SBR Framework can foster a more transparent, resilient, and well-regulated NBFC sector aligned with India’s broader financial sector objectives.
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