India’s economy is of global importance. It has a large and young population which is standing at the threshold of contributing to the growth of the economy. It is already the third largest economy and contributor to global economic growth, yet there is considerable untapped potential. Given the challenges of policy making in such a large and diverse country, there has been structural shifts formed by technological & environmental disruption. One of the underlining structured initiative is Microfinancing, which helps individuals or small business owners, both in rural & urban areas, who do not have access to proper financial assistance. By the way of Microfinancing, government has helped individuals below poverty-line to be financially independent. Today, various banks, non-banking financial corporations, and microfinance institutions provide funds to needy people who aspires to become an entrepreneur.
Evolution of the Sector:
India is today one of the most vibrant global economies, on the back of robust financial sector. India’s diversified financial sector has evolved multifold. The changing demands of the consumers have undergone a rapid change and meet those expectations NBFC’s are expanding their horizons to reach out to the under-served. The Government and Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These measures include launching Credit Guarantee Fund Scheme for Micro and Small Enterprises, issuing guideline to banks regarding collateral requirements and setting up a Micro Units Development and Refinance Agency (MUDRA). With a combined push by both government and private sector, India is undoubtedly one of the world’s most vibrant capital markets.
Key points of discussion
- Is there a need to re-strategize Regulatory Framework?
- Technology advancements and its Significance in NBFC Sector
- Diversifying Role to meet the Financial Inclusion
- Recent Threats and its Preventive Measures in NBFCs
- Growing Role of Security Leaders in NBFCs
- Cyber-attacks in NBFCs
- Changing dynamics of customer demand and dispute resolution
- Regulators role in safeguarding from online frauds and measures for strict customer identification
- Data analytics, data security and privacy