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  The Reserve Bank of India (RBI) on Wednesday issued final guidelines exempting non-banking financial companies (NBFCs) that do not avail of public funds, do not have a customer interface, and have assets of less than ?1,000 crore from the requirement to register with it. These NBFCs will be classified as “Unregistered Type I NBFCs”.Entities falling in this category will be exempt from registration requirements, provided they meet specified conditions, including operating a long-term business model without public funds or customer exposure. Boards must pass resolutions affirming compliance, while statutory auditors must certify the absence of public funds and customer interface.Existing NBFCs meeting these criteria have been given a one-time window to apply for deregistration by December 31, 2026 — introducing, for the first time, a structured exit route from the regulatory framework. Applications for deregistration must be made through the RBI’s PRAVAAH (Platform for Regulatory A...

  India’s efforts to steady the beleaguered rupee are likely to get harder in the coming months, as insufficient capital inflows replace speculative bets as the main pressure point.The Reserve Bank of India took aggressive steps recently to curb speculation, yet the currency fell to a record closing low on Wednesday. With the US-Iran war — now entering a third month — keeping oil prices elevated, and capital inflows muted, economists are widening their estimates of the nation’s balance of payment deficit.Kotak Mahindra Bank pegs the gap at $50 billion this fiscal year, versus deficits of $39 billion and $5 billion in the previous two years. IDFC First Bank sees it widening to $40 billion—$50 billion from an estimated $35 billion in the prior period. “The fundamental balance of payments picture continues to look weak, so the pressure on the rupee may persist,” said Rahul Bajoria, head of India economics research at BofA Securities India. “The RBI’s steps do provide relief, but we do...