The RBI’s 2026 Draft introduces a significant shift — a potential new category of “Unregistered Type I NBFC.”
At first glance, it appears to be a relief.
But as always, the details — and the intent — matter more.
This proposal is not about removing regulation.
It is about redefining who truly needs it.
From eligibility conditions to the broader interpretation of “public funds” and “customer interface,” the draft raises important questions for NBFC structures.
Relief is real — but so are the conditions.
Here’s a breakdown of what it means, and what NBFCs should be evaluating.
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