The change was announced Friday in the RBI’s statement accompanying its latest credit policy review, citing the existing prudential and governance framework for NBFC-ICCs as the basis for dispensing with the prior-approval process for branch expansion. The earlier rule applied to investment and credit companies lending against gold collateral that already operated over 1,000 branches. The RBI also noted that prior approval is still required for opening representative offices abroad, and that parent NBFCs must submit periodic reports on such offices; if no activity occurs or reports are not provided, the RBI may advise winding up the establishment.