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In a recent meeting convened by the Board of Directors of the Finance Industry Development Council (FIDC) in Jaipur, the imperative for collaborative partnerships, innovative funding structures, and the exchange of best practices among NBFCs were talked about.

The Chairman of FIDC, Umesh Revankar, alongside industry leaders like Rajendra Setia, Managing Director of SK Finance Ltd., underscored the critical role of NBFCs in propelling India’s growth trajectory beyond the 7% mark.

Revankar emphasised the need for NBFCs to unite and cooperate, especially in light of the ambitious growth targets set by the government. He stressed transparent communication and building a compelling narrative around the positive impact of NBFCs on the economy.

Highlighting the pivotal role of NBFCs in financial inclusion, particularly in addressing gaps left by traditional banking sectors, Revankar called for sharing success stories and initiatives to showcase the sector’s commitment to inclusive growth. The advocacy role of FIDC in championing member interests, including regulatory initiatives and policy advocacy efforts, was also a key focus of the discussions.

Setia, representing a diverse array of stakeholders from Rajasthan, emphasized the significant growth potential of the NBFC sector in the state. With a focus on fostering financial inclusion, supporting MSMEs, and catalyzing rural development, NBFCs can provide tailored financial solutions.

Setia also addressed the challenges ahead, stressing the need for collaboration with regulatory bodies to ensure compliance while maintaining operational flexibility. Robust cybersecurity measures and skill development initiatives are essential to protect sensitive financial data and enhance workforce capabilities. Building strong partnerships with local communities and understanding cultural nuances will be pivotal in gaining trust and expanding outreach.

  • Published On Mar 15, 2024 at 03:11 PM IST

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