RBI and NBFCs | Business Line

SEBI clarification | Business Line



Hindu Business Line, December 23, 2015



Letters



RBI and NBFCs
This refers to, ‘RBI keeping close watch on systemically important NBFCs’ (December 22). During its existence, RBI has been performing the role of protector of India’s financial sector, going beyond its mandated role and assuming for itself a developmental role additional to the normal core functions of central banks elsewhere. This approach has had an impact on its resources, including manpower, and while RBI has to own up for the weaknesses of the financial sector, it has not been getting adequate support from the government or other stakeholders.
NBFCs, cooperatives and MFIs may need regulatory and supervisory support which may not be amenable to technology-enabled solutions that work in developed countries. By the time off-site financial statements show signs of incipient weaknesses in such institutional arrangements, it may be too late. The remedy may lie in more frequent on-site inspections and scrutiny of books.
MG Warrier
Mumbai



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