Digitalization and Innovation: The driving forces behind NBFC growth in India

Non-Banking Financial Companies (NBFCs) have been an integral part of India’s financial ecosystem. They are financial institutions that provide a wide range of banking services like loans, credit facilities, investments, and other financial products. NBFCs have played a significant role in the Indian economy’s growth story, especially in the rural and semi-urban areas. They cater to the financial needs of small and medium-sized businesses, entrepreneurs, farmers, and individuals who do not have access to traditional banking services. In this article, we will explore the future of NBFCs in India.

One of the major factors that have contributed to the growth of NBFCs is the increasing demand for credit in the Indian economy. As per the RBI’s data, the credit growth of banks has been sluggish over the past few years. This has resulted in a credit gap that NBFCs have been able to fill. NBFCs have been able to cater to the financial needs of small and medium-sized enterprises, which have been underserved by traditional banks.

Read more at https://bfsi.eletsonline.com/digitalization-and-innovation-the-driving-forces-behind-nbfc-growth-in-india/

 

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