RBI vide Notification No. RBI/2018-19/184 dated 16th May, 2019 has decided that NBFCs with Asset Size of more than Rs.50 Billion shall appoint a CRO with clearly specified Roles and Responsibilities with adequate Independence to ensure high levels of Risk Management.
Instructions for NBFCs in appointing a CRO and Roles of CRO are detailed in the circular.
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT18493A8BC3E04424A89A29ED4D18C0B67FC.PDF