India cenbank invites applications for non-bank self-regulatory organisations

India's central bank on Wednesday invited applications to recognise self-regulatory organisations for non-bank finance companies.

The Reserve Bank of India will recognise a maximum of two such bodies. The applications must be submitted by Sept. 30, it said.

The self-regulatory organisations will primarily have investment and credit companies, housing finance companies and lenders engaged in the bill discounting business as members. They may also add other categories of NBFCs.

The applicants will need to achieve a minimum net worth of 20 million rupees ($239,710) within one year of being recognised, or before commencement of operations, whichever is earlier.

($1 = 83.4339 Indian rupees)

(Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala)