Live
- Mushtaq Ali Trophy: Tilak Varma becomes first cricketer to register third consecutive T20 hundred
- Jharkhand polls: Hemant Soren-led alliance leads on 50 seats, NDA on 29
- Refusing to accept Maha trends, Sanjay Raut says not voters’ mandate
- TTD releases Angapradakshana tokens for February 2025 quota
- From Blueprints to Skylines: The Journey of Hyderabad’s Top Builders
- PM Modi urges Indian diaspora to participate in 'Bharat Ko Janiye' quiz
- Koraput: Four die as truck hits bike
- Odisha begins Mahtab’s 125th birth anniv celebrations
- Bhadrak: Four held for murder of ex-Sarpanch
- National honour for Odia chest specialist
Some NBFCs not pursuing strong underwriting for high growth: RBI Governor
Reserve Bank Governor Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das said banks and NBFCs need to carefully assess their exposures in unsecured loan areas, both in terms of quality and size.
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das said banks and NBFCs need to carefully assess their exposures in unsecured loan areas, both in terms of quality and size.
During his briefing on the decisions of the RBI Monetary Policy Committee (MPC), he said: "Some NBFCs were not pursuing strong underwriting for high growth. Self-improvement by NBFCs is the desired option. These NBFCs are also being closely monitored by the RBI and we will not hesitate to take action, if necessary."
"Some NBFC companies, including MFIs (microfinance institutions) and housing finance companies, are trying to get higher returns on equity. However, this is not common across the sector. RBI is engaging with such companies."
"NBFCs, in particular, have reported an impressive growth over the last few years. It has resulted in more credit flow to the remote and underserved segments, bolstering financial inclusion in the country. While the overall NBFC sector remains healthy, this message is to the outliers," the RBI Governor added.
He further stated that banks and NBFCs need to give continued attention to inoperative accounts, mule accounts, the cybersecurity landscape, and other factors.
On the third and last day of the RBI's Monetary Policy Committee (MPC) meeting, Das said that RBI MPC has decided to maintain the status quo on the repo rate at the current 6.5 per cent, while retaining India's real GDP growth forecast at 7.2 per cent for FY25.
Das estimated real GDP for Q2 FY25 at 7 per cent, Q3 at 7.4 per cent and Q4 at 7.4 per cent. Real GDP growth of Q1 of next year has been estimated at 7.3 per cent.
"The Indian rupee continues to be among the least volatile currencies," he added.
