Balance growth aspirations with sound practices, RBI Governor tells NBFC chiefs

Sanjay Malhotra underscored the significance of ensuring fair treatment to customers and putting in place a prompt grievance redress mechanism. 
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Reserve Bank of India (RBI) Governor Sanjay Malhotra on Thursday asked heads of Non-Banking Financial Companies (NBFCs) to balance growth aspirations with sound practices for ensuring inclusive development, customer protection and financial stability. 

During his meeting with Managing Director & Chief Executive Officers of select NBFCs across all layers including government NBFCs, Housing Finance Companies and Micro-Finance Institutions, he also underscored the significance of ensuring fair treatment to customers and putting in place a prompt grievance redress mechanism. 

Urging the NBFCs to further their contribution towards financial inclusion, the Governor urged them to become part of Unified Lending Interface (ULI) being put in place by the Reserve Bank.

Representatives from Self-Regulatory Organizations (SROs), Sa-Dhan and Micro Finance Institutions Network (MFIN), as well as from Finance Industry Development Council (FIDC) also participated in the meeting.