DFS secretary holds meeting with NBFCs

New Delhi: Financial Services Secretary M Nagaraju on Thursday chaired a meeting with major non-banking financial companies (NBFCs), the Finance Ministry said.

“The engagement with NBFCs was designed to foster an open exchange of ideas on targeted points. Detailed discussion with representatives from the Reserve Bank of India, DoR and UIDAI on issues concerning their area of operation was deliberated upon,” the statement said.

The emphasis was on reaching a solution on issues being faced by NBFCs through stakeholder consultation, it added.

During the meeting, NBFCs shared their concerns and solutions.

Nagaraju emphasised that NBFCs need to be more robust, vibrant and financially sound, catering to the needs of underserved and new to credit customers, the ministry said.

He further advised holding a workshop with UIDAI and NPCI to educate NBFCs on the use of KYC effectively. PTI