FIDC Undertakes Proactive Role to Reposition NBFCs

By 121 News

Chandigarh 23^rd November:- FIDC (Finance Industry Development Council) the apex representative body-cum-Self Regulatory Organization for NBFCs (Non Banking Finance Companies), specially those engaged in asset financing, today shared its vision for FY 2016-17 to reposition NBFCs in Indian Financial System. NBFCs over the years have played a vital role in the development of the economy, be it in financial intermediation in rural and semi urban areas or financing activities that are engines of growth, such as transport sector, SMEs and MSMEs, leasing, hire purchase etc.

Raman Aggarwal said that the Government's agenda on Financial Inclusion, NBFCs are an important driver because of their successful track record of more than 70 years of lending to the unbanked and at the same time a regulation history of more than 18 years. Inspite of the challenges faced by our economy, NBFCs have grown to a level where their share in the total assets of Indian Financial System is 9% as per RBI annual publication report, Dec'14 which is more than the Mutual Funds, Co-operative Banks and Regional Rural Banks. The need is to recognize this role and include NBFCs as part of the mainstream financial syste".