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(10 Jul 2025, 13:02)

Gross loan advances by Non-Banking Financial Companies have doubled over last four years says FM

Union Finance Minister Nirmala Sitharaman has highlighted that the loan recovery practices of Non-Banking Financial Companies (NBFCs) must be conducted in a fair, empathetic and respectful manner, as well as strictly aligning with the RBI’s Fair Practices Code. FM stated this while addressing the NBFC Symposium 2025 in New Delhi. The Minister said that financial inclusion cannot be used as a pretext for financial exploitation. She added that lending should be based on the genuine needs and repayment capacity of customers. The Minister also underscored the need for NBFCs to integrate governance, risk management, and customer protection as part of their core beliefs and ethics. Finance Minister Nirmala Sitharaman revealed that gross loan advances by Non-Banking Financial Companies (NBFCs) have doubled over the last four years, surging from Rs 24 lakh crore in March 2021 to Rs 48 lakh crore as of March 2025. The finance minister emphasized the growing significance of NBFCs in India’s financial landscape, particularly in serving segments historically excluded from formal credit systems.
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