The Governor, Reserve Bank of India today held a meeting with the Managing Director & Chief Executive Officers of select Non-Banking Financial Companies (NBFCs) across all layers, including Government NBFCs, Housing Finance Companies and Micro-Finance Institutions.
The Governor, in his opening remarks, underscored the significant role played by NBFCs in credit intermediation, particularly in making credit available for small businesses and niche segments. Highlighting the collaborative efforts required between the Reserve Bank and the NBFCs, the Governor stressed upon balancing growth aspirations with sound practices for ensuring inclusive development, customer protection and financial stability. He also underscored the significance of ensuring fair treatment to customers and putting in place a prompt grievance redress mechanism. Urging the NBFCs to further their contribution towards financial inclusion, the Governor requested them to become part of Unified Lending Interface (ULI) being put in place by the Reserve Bank.
