Non-banking finance companies (NBFCs) have scripted a fantastic success story so far in India. Leading NBFCs are bigger than many Public Sector Banks.
Types of NBFCs:
Factors contributing to the growth of NBFCs:
• Stress on public sector units (PSUs)
• Dormant credit demand
• Digital disruption, especially for micro, small and medium enterprises (MSMEs) and small and medium enterprises (SMEs)
• Uptick in consumption
• Superior distribution reach and sectors where traditional banks do not lend
Key Challenge:
• NBFCs on both individual and collective basis need to build an open ecosystem for capacity building.
• To keep up with the growth trajectory in the face of heightened regulations, it is the quality of its staff which will determine the health of the sector.
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