Speaking at a CII NBFC Summit here, Rao expressed his displeasure over some of the business practices of NBFC peer-to-peer lending players, which are not in line with regulatory guidelines. P2P platforms (a type of NBFC) are intermediaries that facilitate loans through the online medium
'In order to make the services of MFIs more available so as to cater the credit needs of the unreached population, they need to grow and expand for which growth capital is required,' industry body Sa-Dhan said in a letter to FM Nirmala Sitharaman
An RBI report shows that the pace of expansion in the balance sheet of NBFCs accelerated in 2022-23, aided by double-digit credit growth, mainly on account of unsecured loans.