The Reserve Bank of India (RBI) on Friday proposed exempting non-banking finance companies (NBFCs) with asset sizes below Rs 1,000 crore from registration requirements with the central bank, reducing the compliance burden for these NBFCs that would also include some family offices. These NBFCs do not avail public funds and do not have any customer interface and are, therefore, included within a lower systemic-risk profile, the RBI said. Not being registered with RBI will mean easier compliance for these firms, including yearly audits and submissions. "It is proposed that such NBFCs with asset size not exceeding Rs 1,000 crore, may be exempted from registration requirement with the RBI subject to certain specified conditions. The proposed exemption will reduce compliance requirements for these NBFCs. Accordingly, draft amendment directions will be issued shortly for feedback from stakeholders," the central bank said in a statement.