Financial Innovations: Elevating NBFCs with Strategic Dialogues

Financial Services Secretary M Nagaraju led a strategic meeting with major NBFCs to address their operational challenges. The discussions focused on fostering robust growth and financial soundness while supporting underserved customers. A workshop was proposed to enhance KYC usage through collaboration with UIDAI and NPCI.

On Thursday, Financial Services Secretary M Nagaraju chaired a pivotal meeting with leading non-banking financial companies (NBFCs), the finance ministry reported.

The aim of this meeting was to encourage open dialogue between stakeholders, including representatives from the RBI, DoR, and UIDAI, to address operational issues facing NBFCs.

Nagaraju highlighted the necessity for NBFCs to evolve into more robust and financially sound institutions, particularly in serving new to credit and underserved clients. To this end, he proposed a workshop in collaboration with UIDAI and NPCI to streamline the effective use of KYC processes.

(With inputs from agencies.)