Banking secy asks NBFC self-regulatory bodies to work on reforms for sector
This story was originally published at 21:30 IST on 12 March 2026
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NEW DELHI – Department of Financial Services Secretary M. Nagaraju Thursday asked self-regulatory bodies of non-banking financial companies to work out a framework on reforms to be implemented to strengthen the sector.
Nagaraju met senior officials of NBFCs and self-regulatory bodies for NBFCs--Finance Industry Development Council, Microfinance Institutions Network, and SaDhan. The meeting was also attended by senior officials from the Reserve Bank of India and Unique Identification Authority of India.
"The engagement with NBFCs was designed to foster an open exchange of ideas on targeted points," the finance ministry said in a release. "The emphasis was on reaching to a solution on issues being faced by NBFCs through stakeholder consultation."
Nagaraju asked NBFCs to be more robust, vibrant, and financially sound. NBFCs should cater to the needs of underserved and new to credit customers, he said. End
Reported by Shubham Rana
Edited by Ashish Shirke
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