RBI Governor Engages With Nbfcs, Hfcs Payments Regulatory Board Holds First Meeting

(MENAFN- KNN India) Mumbai, Jan 6 (KNN) As part of the Reserve Bank of India's ongoing engagement with regulated entities, RBI Governor Sanjay Malhotra on Monday met Managing Directors and Chief Executive Officers of select Non-Banking Financial Companies (NBFCs), including government-owned NBFCs, Housing Finance Companies (HFCs) and Microfinance Institutions in Mumbai.

The meeting, the first such interaction since February 13, 2025, covered entities accounting for about 53 per cent of total NBFC sector assets.

Industry representation included Self-Regulatory Organisations Sa-Dhan, the Microfinance Institutions Network and the Finance Industry Development Council.

The interaction was attended by Deputy Governors T. Rabi Sankar, Swaminathan J., Poonam Gupta and S.C. Murmu, the Managing Director and CEO of the National Housing Bank, and other senior RBI officials.

In his opening remarks, the Governor underscored the critical role played by NBFCs and HFCs in credit intermediation.

He emphasised the need for sound underwriting standards and close monitoring of asset quality. He further highlighted the critical importance of customer-centricity, ethical conduct, and responsible lending, along with prompt grievance redressal, to preserve confidence in the sector and support its orderly and sustainable development.

Participants shared feedback on policy and operational issues affecting the NBFC segment.

Payments Regulatory Board Holds Inaugural Meeting

Earlier in the day, the first meeting of the Payments Regulatory Board (PRB) was held in Mumbai under the chairmanship of Governor Sanjay Malhotra.

The PRB was constituted following amendments to the Payment and Settlement Systems Act, 2007, which came into force on May 9, 2025.

The Board reviewed the functions of the Department of Payment and Settlement Systems and discussed key focus areas spanning domestic and international payment systems.

The draft Payments Vision 2028 was presented, with members offering strategic guidance for the continued development of India's payments ecosystem. The Board was also briefed on the findings of the RBI's recent Survey on Digital Payments.

Members present included S. Krishnan, Secretary, Ministry of Electronics and Information Technology; Nagaraju Maddirala, Secretary, Department of Financial Services; Aruna Sundararajan, IAS (Retd.); Deputy Governor T. Rabi Sankar; and Vivek Deep, Executive Director, RBI.

(KNN Bureau)

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