FICCI First NBFC Summit 2020

The NBFC sector in the country, like many other sectors, has seen a number of highs and lows over the recent times and yet it continues to contribute to the development agenda of the government and regulator, which is to further the goal of financial inclusion by enabling credit flow to the unbanked and underbanked segments of society. Even during the current pandemic, the NBFC sector has played a crucial role in supplementing the efforts of the banks in implementation of the various measures announced by the government and the regulator to offer relief to the borrowers. Be it the offer of loan moratorium, extension of credit under the ECLGS scheme, extending emergency credit particularly to the MSMEs or devising digital channels for customer onboarding and servicing, NBFCs have played a crucial role in the financial system’s response to covid-19.

Even as the sector players work towards maintaining the growth momentum in the economy by keeping the financial wheels moving, they have their own set of challenges that need to be addressed. Additionally, given the many changes that are currently underway including changes in consumer behavior, deeper penetration of digitalisation, advent of data analytics, evolving new models of underwriting etc., there is a need to bringing changes in regulations as well to enable the sector players to keep up with the such changes on the demand and supply side of industry.

To discuss some of the aforementioned issues and chart out a plan for the future of the NBFC Sector in India, FICCI NBFC Committee is organising the Summit.