RBI simplifies NBFCs and HFCs exits with PRAVAAH application checklist
Business
The Reserve Bank of India (RBI) just made it easier for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to officially shut down operations if they want out.
Now, there's a new application form and checklist on the PRAVAAH portal, following fresh guidelines rolled out in April.
This update is meant to make the whole process smoother and less of a headache.
NBFCs, HFCs regulated until formal approval
Just applying doesn't mean you're off the hook right away: NBFCs and HFCs need to keep following all RBI, National Housing Bank, and other regulations until they get formal approval.