RBI Denies Plans to Limit Top NBFC Management Tenure: Exclusive Report

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RBI Denies Plans to Cap NBFC Management Tenure, Dispelling Market Fears

Expressions of Interest were invited in January 2023, with investors including Fairfax Financial Holdings, Emirates NBD and Oaktree Capital Management clearing the RBI's fit-and-proper criteria. Kotak Mahindra Bank had also joined the race. Due diligence by potential bidders began in August 2025, and the Department of Investment and Public Asset Management had earlier said that a core part of the transaction would be completed by March 31, 2026.

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CNBC TV18•18-03-2026, 08:25

RBI Denies Plans to Cap NBFC Management Tenure, Dispelling Market Fears

•The Reserve Bank of India (RBI) is not considering capping the tenure or forcing rotation of top management in Non-Banking Financial Companies (NBFCs).
•This clarification comes after media reports last week suggested such a move, causing a sell-off in NBFC shares like Bajaj Finance and Shriram Finance.
•Unlike bank CEOs, NBFC CEO appointments currently do not require RBI permission, and their boards decide tenure and compensation.
•Brokerage firm Macquarie had warned that Bajaj Finance and Shriram Finance could be significantly impacted if regulatory arbitrage was lost.
•Bajaj Finance shares are down 15% and Shriram Finance shares are down 7% in the last month amid market uncertainty.

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