RBI introduces prompt corrective action framework for NBFCs:

GS Paper 3: Topics Covered: Inclusive growth and issues arising out of it.   Context: The Reserve Bank of India (RBI) has introduced the prompt corrective action (PCA) framework for non-banking financial companies (NBFCs). The PCA framework for NBFCs will come into effect on October 1,2022 on the basis of their financial position on or …