Non-Banking Financial Companies (NBFCs) are an important constituent of Indian financial system. NBFCs play a crucial role in credit disbursement within the country be it financing people uncovered by the banks, entrepreneurs & corporates, housing and infrastructure sectors. NBFCs provide collateral/non-based loans and their reach has spread to far flung areas.
The development role of NBFCs is increasingly being recognised. As an important channel in the financial inclusion of masses and MSMEs, NBFCs play a crucial role in bridging the market gap for credit. As per RBI statistics, the size of NBFC sector was pegged at Rs 54 Lakh crores in 2021, which was equivalent of 25% of the asset size of whole banking sector.
With the onset of digital era, a new breed of NBFCs have emerged in the market which are adopting disruptive technologies to assess risk, connect with customers, and innovate processes to streamline their operations and customer experience.
FICCI, through its NBFC Committee, plays a pivotal role in synthesizing industry needs, communicating with the Regulator and Ministry of Finance of the emerging requirements of the sector as well as creating opportunities for members to learn from each other on the new emerging trends that are shaping the growth of this sector.