Reserve Bank of India (RBI) Governor Sanjay Malhotra has called on Non-Banking Financial Companies (NBFCs) to ensure fair customer treatment and strengthen their grievance-redressal mechanisms. He also emphasised the importance of adopting the Unified Lending Interface (ULI) to promote financial inclusion.
Speaking at a meeting with the Managing Directors (MDs) and CEOs of select NBFCs, including housing finance companies, microfinance institutions and government-backed entities, the Governor acknowledged their critical role in lending to small businesses and niche sectors. He stressed the need to balance growth with robust business practices to safeguard customer interests and financial stability.
The Governor underscored the significance of fair customer treatment and the establishment of a swift grievance redressal system.
The meeting, held in Mumbai, was attended by representatives from self-regulatory bodies such as Sa-Dhan, the Micro Finance Institutions Network (MFIN) and the Finance Industry Development Council (FIDC). Senior RBI officials, including Deputy Governors M Rajeshwar Rao, T Rabi Sankar and Swaminathan J, were also present.
During the session, industry leaders expressed insights on current challenges, ongoing initiatives and expectations from the RBI. The engagement is part of the central bank’s ongoing dialogue with NBFCs, with the last such interaction held in August 2023.
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