Session 1 – Can NBFCs fulfill India’s Financial Inclusion goals?
[L-R – Mr Marko Carevic; Col. Sarpreet Benipal; Mr Mahesh Thakkar; Mr Sanjeev Goel]
Financial Inclusion is an important agenda for Reserve Bank of India and Government of India. The National Strategy for Financial Inclusion 2019-24 has also been prepared. NBFCs began functioning as financial institutions that cater to the needs of those who are unable to obtain loans from banks and other financial institutions. Today NBFCs are an important credit institution for the ecosystem of start-ups, micro, small and medium enterprises, small businesses, handicrafts and cottage industries. As part of financial inclusion strategy, RBI has allowed scheduled commercial banks to co-originate loans with non-deposit taking systemically important NBFCs for credit delivery to the priority sector. The panel discussed the important role of NBFCs in fulfilling the financial inclusion goals of India, key impediments and possible solutions.
