Reserve Bank Deputy Governor highlights important role played by NBFCs in financial ecosystem

Reserve Bank Deputy Governor Swaminathan J highlighted in a latest speech the important role being played by NBFCs in the financial ecosystem and the role of Chairpersons of the ACB and Statutory Auditors in ensuring the integrity of financial statements. He emphasised that risk-taking must be prudent and well planned, and never beyond the risk absorption capacity of the entity concerned. Deputy Governor exhorted the NBFCs to proactively adopt fairness in lending and recovery supported by a robust grievance redress mechanism. He also conveyed expectations from auditors on maintaining the audit rigour and adhering to the highest standards of objectivity, transparency and ethics.

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