What FIDC actually does
Finance Industry Development Council FIDC
NBFCs' SRO: the most active consultation respondent
FIDC (Section 8 company, incorporated 10 August 2011; recognised 3 October 2025) is the SRO for NBFCs — a broader, older sector than fintech lending. Its distinctive published work is a dense, dated trail of policy representations and member advisories, plus a governing council of 14 drawn from the biggest NBFC groups.
Policy representations (selected, dated)
- Feedback on RBI draft circular on Interest Rate on Loans — 11 Sep 2026
- Revolving credit feedback — 27 Aug 2026; credit-risk implications of AGR — 11 Aug 2026
- Responsible Business Conduct comments — 30 May 2026; eNACH feedback — 25 May 2026
- Comments on prevention of financial fraud via voice/SMS — 24 Dec 2025
- Regulatory parity for loan-against-shares (LAS) — 8 Dec 2025; pre-budget memorandum FY2026-27
- Feedback on scale-based regulation amendments — 21 Nov 2025; lending to related parties — 20 Oct 2025
Member advisories (selected)
- GST on co-lending arrangements — 13 Mar 2025
- Fair Business Practices advisory — 23 Dec 2024
- Code of Conduct — 11 Jan 2024; Vision Document for NBFCs — 11 Jan 2024
- Outsourcing guidelines — 14 Oct 2022; microfinance code of conduct — 4 Oct 2022
- COVID-19 moratorium advisory — 4 Apr 2020
Governance & advocacy machinery
- Governing Council of 14: Chair Umesh Revankar (EVC, Shriram Finance), Vice-Chair Sanjay Gulati (Aditya Birla Finance), with representatives of Tata Sons, Bajaj Finance, Cholamandalam, L&T Finance, Piramal and others
- CEO Raman Agrawal; committee structure covering regulations, taxation and state-level advocacy
- Members asked to follow RBI's Fair Practices Code; FIDC positions itself as the NBFC sector's single voice
Gaps & open questions
- No public member roster — annual reports 2019-20 through 2025-26 contain no member list; the only register found is the 14-name Section-8 register in the 15th Annual Report (2018-19)
- Claims 400+ members in PR materials — unverifiable from its own publications
- Advisories are PDF-backed but many sit behind vague page links; some circulars are member-only