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RBI DG exhorted the NBFCs to proactively adopt fairness in lending and recovery supported by a robust grievance redress mechanism.
Non-banking finance companies (NBFCs) must adopt a prudent approach in risk-taking, and never take risks beyond their absorption capacity, Reserve Bank of India’s (RBI) Deputy Governor Swaminathan J said on Friday at a conference of large-sized NBFCs, held by RBI.
“He exhorted the NBFCs to proactively adopt fairness in lending and recovery supported by a robust grievance redress mechanism. He also conveyed expectations from auditors on maintaining the audit rigour and adhering to the highest standards of objectivity, transparency and ethics,” the central bank said in a statement.
The conference included detailed presentations on the concerns observed in NBFC sector and the regulatory expectations from the RBI. A discussion was also held involving MD and CEOs of NBFCs on the topic ‘Emerging issues and challenges under Ind AS’.
Published on March 28, 2025
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