Ramesh Iyer, Vice Chairman and Managing Director of Mahindra and Mahindra Financial Services Limited, has taken over as the Chairman of Finance Industry Development Council (FIDC).

“The sector has recently witnessed several challenges, and it is time for us to work collectively towards incorporating higher standards of governance and compliance, to ensure that the concerns of Regulators, Investors and Lenders are well-addressed,” Iyer said.

FIDC is a representative body of assets and loan financing NBFCs, which are registered with the Reserve Bank of India (RBI).