RBI asks NBFCs to boost governance standards

THE RESERVE BANK of India (RBI) has on Friday asked non-banking financial companies (NBFCs) to strengthen governance standards and assurance mechanisms like compliance, risk management and internal audit in these entities.

- AJAY RAMANATHAN

In a meeting with managing directors and chief executive officers of upper layer nonbank lenders, the apex bank discussed risks associated with high credit growth in retail segment, particularly in unsecured lending space. It also discussed the importance of upgrading information technology systems, strengthening b