NBFCs EXPERIENTIAL EVOLUTION, TRUSTWORTHY TRANSFORMATION

Banking Frontiers organized NBFC's Tomorrow, its annual NBFC Conclave, in Mumbai on August 21. The program comprised panel discussions on 5 upcoming opportunities for the NBFC sector, along with presentations, fireside chats and a keynote address. Edited excerpts from the conclave:

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NBFCs approaching a new Regulatory Frontier

Mahesh Thakkar, Director General of Financial Industry Development Council (FIDC) was the chief guest at NBFC’s Tomorrow 2024. He delivered the keynote address. Edited excerpts:

Friends, earlier, RBI was active only in regulatory policy framework, but now they are very vigilant on the supervision framework also. They are putting in special efforts to find out errors, lapses, dilutions, if any in respect of any NBFCs, particularly SI NBFCs from the Reports being filed online or during Inspection. If these faults are of a general nature, RB comes out with the necessary guidelines.

Each NBFC has to be very up to date about the regulation, governance, compliance etc., and the trainings and seminars like this can help. We need to be in touch with each other, exchange information and be part of the association, be it a fintech association or FIDC or some other.

Recently, FIDC has come out with the two important documents - Vision Document and Code of Conduct – which were very well received by the NBFCs.