FIDC Issues Vision Document & Code of Conduct For Its Members
FinTech BizNews Service
Mumbai, January 11, 2024: The Board of Directors of Finance Industry Development Council (FIDC), has today informed that FIDC, a Representative Body of NBFCs registered with the Reserve Bank of India, has released its two most important documents: (i) Vision Document & (ii) Code of Conduct at the hands of the Chairman Umesh Revankar on Thursday 11th January, 2024.
VISION DOCUMENT: FIDC has drawn a Vision Document for NBFC Sector for the next 2 years and how it wants to achieve this. FIDC proposes to enhance the image, impact and income of the NBFC Sector with the support of all stakeholders. Towards this, FIDC will play a significant role in ensuring high degree of corporate governance, adherence to regulatory norms and fair market practices among its members.
CODE OF CONDUCT
FIDC is issuing this Code of Conduct for all its members emphasizing the need to enhance responsible lending behaviour and practices and to ensure ethical practices in conduct of business. This Code of Conduct shall be a step in the right direction to enhance the confidence in the non-bank lending community, as this shall bring better discipline and harmony among the NBFCs. The Code of Conduct contains the guidance for various issues, inter alia, corporate governance, risk management, audit requirements, grievance redressal mechanism, delinquency management, education, outsourcing arrangements, engagement of recovery agents/collection agencies
Talking on this milestone occasion, FIDC Chairman and Executive Vice-Chairman, Shriram Finance, Umesh Revankar said, “I am sure the Code of Conduct, as prepared by FIDC with the suggestions of all will be adhered to by all its members in letter and spirit and will go a long way in promoting self-governance and disciplined growth of the NBFC sector. I believe this will be the harbinger of a much greater role played by the NBFC sector in the growth and sustainable financial health of our country. Together, we have overcome challenges and achieved remarkable milestones and come out stronger after every crisis. Our shared dedication defines us, and I am confident that the NBFC Sector will rise up and play its role in Viksit Bharat 2047. Let's embrace innovation, collaboration, and excellence. Let's continue to lead with integrity, creativity, and a relentless pursuit of excellence, filled with prosperity, growth, and fulfilment.”