NBFCs Should Broad-Base Funding Sources: Rao

Sanjiv Bajaj urged RBI to harmonize corporate governance laws which would make NBFCs stronger

M Rajeshwar Rao, Deputy Governor, RBI guided the delegates at CII NBFC Summit 2024 in Mumbai on Friday

FinTech BizNews Service   

Mumbai, February 9, 2024: “The stress test conducted by RBI shows that NBFC sector will withstand future shocks, however there is a need for NBFCs to broad-base their funding sources, guided M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India, today. He was addressing CII NBFC National Summit 2024, organised in Mumbai.

Mr M. Rajeshwar Rao stressed that the NBFCs need a more nuanced and calibrated approach to address the growing inter linkages in order to safeguard financial stability. It is imperative that NBFC regulations keep pace with the changing landscape.

Mr Sanjiv Bajaj, Immediate Past President, CII and Chairman & Managing Director, Bajaj Finserv, urged RBI to harmonize corporate governance laws which would make NBFCs stronger while crediting RBI for their robust regulations. He added that NBFCs have built capabilities by being very close to the market and that the coming decade will provide tremendous opportunities. Harmonization of corporate governance laws, need of the hour.

Mr Abhimanyu Munjal, Chairman, CII National Forum on NBFCs and HFCs and Jt, Managing Director & CEO, Hero FinCorp, mentioned that the NBFC sector is robust and bright with opportunities. He added that the CII National Forum on NBFCs is expected to release a code of conduct soon to enhance social responsibility.

Ms Vishakha Mulye, Deputy Co-Chair, CII National Forum on NBFCs & HFCs and CEO, Aditya Birla Capital, emphasized the increasing share of NBFC credit as a percentage of GDP and growing total credit with a focus on responsible and risk calibrated growth. NBFCs have revolutionized product innovation.

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