RBI announces scale-based regulatory framework for NBFCs
3 years, 5 months ago

RBI announces scale-based regulatory framework for NBFCs

Live Mint  

The Reserve Bank of India has introduced a revised scale-based regulatory framework for non-banking financial companies, which will be effective from 1 October, 2022. The scale-based framework encompasses different facets of regulation of NBFCs covering capital requirements, governance standards, prudential regulation, and others. NBFCs in the lowest layer will be known as NBFC - Base Layer, while those in the middle layer and upper layer will be known as NBFC - Middle Layer and NBFC - Upper Layer respectively. The top ten eligible NBFCs in terms of their asset size will always reside in the upper layer, irrespective of any other factor.

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NBFC stocks as Aditya Birla Capital, Cholamandalam, REC rise on RBI liquidity stimulus
3 weeks, 2 days ago

NBFC stocks as Aditya Birla Capital, Cholamandalam, REC rise on RBI liquidity stimulus

Live Mint  

Stock Market Today: NBFC stocks or Non Banking Financial Services companies stocks saw significant gains on the bourses during morning trades on Thursday on news flow around RBI stimulus Aditya Birla Capital Ltd, Cholamandalam Financial Holdings Ltd, REC Ltd, Bajaj Holdings & Investment Ltd. Bajaj Finance Ltd share prices gained about 2% and above. Central Depository Services Ltd. Consolidated Finvest …

NBFC Standard Capital announces additional investment to enhance operations - Details
3 weeks, 4 days ago

NBFC Standard Capital announces additional investment to enhance operations - Details

India TV News  

NBFC Standard Capital announces additional investment to enhance operations - Details According to information available, the capital will be deployed into three focus areas, including enhancement of operational efficiency, capacity expansion and growth and profitability. Non-Banking Financial Company Standard Capital Markets has informed exchanges about additional deployment of ₹209 crore to enhance its operations. "This additional investment is a key …

IMF cautioned of systemic risks in India’s NBFC sector due to high exposure to power and infrastructure sector
3 weeks, 4 days ago

IMF cautioned of systemic risks in India’s NBFC sector due to high exposure to power and infrastructure sector

Live Mint  

New Delhi, March 4 : The International Monetary Fund has raised concerns about potential financial instability in India due to the concentrated exposure of Non-Banking Financial Companies to the power and infrastructure sector. The report highlights that NBFCs are deeply interconnected with banks, corporate bond markets, and mutual funds, which could amplify systemic stress if vulnerabilities emerge. Concentrated lending to …

NBFCs gain fresh momentum as RBI eases bank lending norms
Trending News
1 month ago

NBFCs gain fresh momentum as RBI eases bank lending norms

Live Mint  

The business environment is set to turn favourable for non-banking financial companies, thanks to two recent developments. A lower interest rate cycle benefits NBFCs relative to banks, as it erodes banks’ cost advantage from low-cost current and savings account deposits, allowing NBFCs to compete more effectively. Read this | Lower capital requirements for bank loans to NBFCs to ease funding …

Lower capital requirements for bank loans to NBFCs to ease funding woes
1 month ago

Lower capital requirements for bank loans to NBFCs to ease funding woes

Live Mint  

The Reserve Bank of India’s decision to ease rules on bank loans to non-banking financial companies has been driven by a slowdown in credit flow to these entities, which have been facing a funding crunch amid systemic liquidity deficit and rising asset quality stress in small-ticket and microfinance loans, analysts said. The central bank had in November 2023 hiked risk …

RBI lowers risk weight of banks’ exposure to NBFCs
1 month ago

RBI lowers risk weight of banks’ exposure to NBFCs

The Hindu  

MUMBAI The Reserve Bank of India has lowered the risk weight on the exposure of Scheduled Commercial Banks’ lending to non-banking finance companies and microfinance loans. The risk weight on the exposures was increased by 25 percentage points in 2023 in the case of NBFCs and on a review, the RBI decided to restore the risk weights applicable to such …

RBI reduces risk weights on bank loans to NBFCs, MFIs
Trending News
1 month ago

RBI reduces risk weights on bank loans to NBFCs, MFIs

Live Mint  

Amid cries of deficit liquidity in the banking system and funding crunch for several small lenders, the Reserve Bank of India on Tuesday reduced the risk weights on bank loans to non-banking finance companies and microfinance loans. The RBI’s decision to roll back its November 2023 hike in risk weights for NBFC loans has been driven by the significant slowdown …

RBI Deputy Governor Criticizes NBFC Demands, Warns P2P Lenders
1 year, 1 month ago

RBI Deputy Governor Criticizes NBFC Demands, Warns P2P Lenders

Deccan Chronicle  

The Reserve Bank of India deputy governor M Rajeshwar Rao on Friday criticised the frequent demands from Non-Banking Finance Companies to convert into a bank or their demands to be allowed to accept public deposits.Speaking at the CII NBFC Summit, Rao clarified that the regulations for even entities in the top-most tier of NBFCs are not at par with universal …

RBI deputy governor urges banks to be prudent on lending to NBFCs
1 year, 3 months ago

RBI deputy governor urges banks to be prudent on lending to NBFCs

Live Mint  

Mumbai: Banks need to reconsider whether they want to be part of lending consortiums to non-bank financiers that have scores of other lenders – up to 40 at times – to improve their monitoring of borrowers' use of sanctioned loans, RBI deputy governor Swaminathan J said. The deputy RBI governor was responding to a question from SBI managing director Ashwini …

Here's why NBFCs will have to look beyond banks for funds
1 year, 3 months ago

Here's why NBFCs will have to look beyond banks for funds

Live Mint  

Mumbai: Non-bank lenders that borrow heavily from commercial banks to lend further may need to diversify their funding sources in the year ahead, given the rising competition for bank credit, and higher risk weights on loans to these lenders, experts said. “The idea is to improve funding access to productive sectors, but the regulations can lead to customers paying more …

Amid buoyancy in financial services sector, multibagger NBFC stock finalises allotment of rights issue
1 year, 5 months ago

Amid buoyancy in financial services sector, multibagger NBFC stock finalises allotment of rights issue

India TV News  

The NBFC space is showing extreme bullishness in line with the rise in economic activity. According to a report by the Reserve Bank of India, the NBFC's contribution to the total credit extended to the economy has soared from 16.4 per cent in December last year to 29.1 per cent in February 2023. BSE Limited, Merchant Bankers, and Registrar to …

NBFCs relying more on bank loans: RBI
1 year, 6 months ago

NBFCs relying more on bank loans: RBI

Live Mint  

Mumbai: Domestic non-banking financial companies, especially those in the upper-layer category, are increasingly relying on bank borrowings as their primary source of funding, according to an analysis in Reserve Bank of India ’s September bulletin. “During the assessment period, NBFCs’ reliance on banks increased steadily due to low interest environment and lag monetary policy transmission," the article said. Direct bank …

RBI names 16 leading NBFCs in its upper layer list
2 years, 5 months ago

RBI names 16 leading NBFCs in its upper layer list

Live Mint  

The Reserve Bank of India on Friday released a list of 16 upper layer non-banking finance companies that must adhere to enhanced regulation. The 16 companies in the NBFC-UL list are: LIC Housing Finance, Bajaj Finance, Mahindra & Mahindra Financial Services, Shriram Transport, Tata Sons, L&T Finance, Indiabulls Housing Finance, Piramal Capital & Housing Finance, Cholamandalam Investment and Finance Co., …

RBI Alert: Reserve Bank of India changes rules for loan transfer; issues master direction for banks, NBFCs
3 years, 6 months ago

RBI Alert: Reserve Bank of India changes rules for loan transfer; issues master direction for banks, NBFCs

India TV News  

The Reserve Bank on Friday issued Master Direction on loan transfer, requiring banks and other lending institutions to have a comprehensive board-approved policy for such transactions. The Master Direction has also prescribed a minimum holding period for different categories of loans after which they shall become eligible for transfer. As per the direction, "a loan transfer should result in immediate …

RBI tightens norms for investments in NBFCs from non-FATF nations
4 years, 1 month ago

RBI tightens norms for investments in NBFCs from non-FATF nations

Live Mint  

The Reserve Bank of India on Friday tightened the rules governing investments in non-bank lenders originating from countries that are not compliant with global standards on prevention of money laundering. “Investments in non-banking financial companies from FATF non-compliant jurisdictions shall not be treated at par with that from the compliant jurisdictions,” RBI said. These rules, RBI said, will apply to …

India’s risk-based internal audit requirement for NBFCs is credit positive: Moody’s
4 years, 1 month ago

India’s risk-based internal audit requirement for NBFCs is credit positive: Moody’s

Live Mint  

The Reserve Bank of India guidelines for non-banking finance companies to implement a risk-based internal audit framework in line with banks is credit positive, Moody's Investors Service said on Monday. "The requirement is credit positive because it adds another layer of risk monitoring and improves the companies' resilience to unexpected shocks," said Moody's in its latest credit outlook. Moody's said …

NBFCs have an edge in banking licence race
4 years, 4 months ago

NBFCs have an edge in banking licence race

Live Mint  

Large non-bank lenders stand to gain the most from the Reserve Bank of India panel’s proposal to allow large companies and shadow lenders into banking services, experts said. More importantly, it would allow RBI to increase regulatory oversight over some of the large shadow lenders, particularly after the collapse of Infrastructure Leasing & Financial Services Ltd and Dewan Housing Finance …

NBFCs with Substantial Systemic Risks Must Be Subjected to Higher Degree of Regulation: RBI DG
4 years, 4 months ago

NBFCs with Substantial Systemic Risks Must Be Subjected to Higher Degree of Regulation: RBI DG

News 18  

Asserting the need to recalibrate regulations for shadow banking sector, Reserve Bank Deputy Governor M Rajeshwar Rao on Friday said NBFCs with significant externalities and which contribute substantially to systemic risks must be identified and subjected to a higher degree of regulation. "One can also argue that the design of prudential regulatory framework for such NBFCs can be comparable with …

RBI announces Co-lending scheme for banks, NBFCs for priority sector
4 years, 4 months ago

RBI announces Co-lending scheme for banks, NBFCs for priority sector

Deccan Chronicle  

Mumbai: In a bid to improve the flow of credit to the unserved sector of the economy and to make funds affordable for them, the Reserve Bank of India on Wednesday revised the guidelines for banks and NBFCs including housing finance companies to jointly lend to the priority sector. The primary focus of the revised scheme, rechristened as “Co-Lending Model”, …

RBI proposes changes in regulations for HFCs
4 years, 9 months ago

RBI proposes changes in regulations for HFCs

India TV News  

The Reserve Bank on Wednesday proposed to double the minimum net owned fund requirement for housing finance companies to Rs 20 crore and classification of such firms under its draft framework for these companies. The step is aimed at strengthening the capital base mainly of small housing finance companies, the RBI said while releasing the proposed changes in the regulatory …

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning
4 years, 10 months ago

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

Firstpost  

Non-banking financial companies on Friday requested the Reserve Bank of India to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic Mumbai: Non-banking financial companies on Friday requested the Reserve Bank of India to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 …

NBFCs, MFIs & co-ops can now become SFBs
5 years, 3 months ago

NBFCs, MFIs & co-ops can now become SFBs

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Friday released the final guidelines for on-tap licence of small finance banks. The revised norms allow primary urban cooperative banks and payment banks to convert into a SFB after five years of operations if they are otherwise eligible. Karthik Srinivasan, Group Head, Financial Sector Ratings, Icra, said, “Though the return on equity is …

RBI is closely monitoring NBFC sector: Shaktikanta Das
5 years, 4 months ago

RBI is closely monitoring NBFC sector: Shaktikanta Das

Live Mint  

The Reserve Bank of India is closely monitoring non-banking financial companies, and is regularly interacting with the management of these companies to take corrective steps as and when required, governor Shaktikanta Das said on Thursday. India’s shadow banking system has been struggling with liquidity pressures after payment defaults by group companies of Infrastructure and Leasing Financial Services Ltd last year. …

RBI panel proposes stricter rules for core investment companies
5 years, 4 months ago

RBI panel proposes stricter rules for core investment companies

Live Mint  

Mumbai: Core investment companies will have to form board level committees, appoint independent directors and conduct internal audits, if the Reserve Bank of India decides to accept the recommendations of a working group formed to improve their corporate governance standards. The recommendations were made by the Working Group to Review Regulatory and Supervisory Framework for Core Investment Companies set up …

NBFCs not enthused with revised ALM norms: Kotak
5 years, 4 months ago

NBFCs not enthused with revised ALM norms: Kotak

Live Mint  

The RBI norms on liquidity and asset quality of non-banking financial companies will offer some comfort and cushion to the market, but concern over the wholesale segment's asset quality remains a challenge for debt market players, broking firm Kotak said on Tuesday. The Reserve Bank had on Monday issued final guidelines on Asset Liability Management and Liquidity Coverage Ratio framework …

RBI asks NBFCs to adopt better tools to detect liquidity strains early
5 years, 4 months ago

RBI asks NBFCs to adopt better tools to detect liquidity strains early

Live Mint  

Reserve Bank on Monday asked the already fund-starved NBFCs to adopt better risk monitoring tools that capture the strains early on and also to maintain a liquidity buffer as per the mandated liquidity coverage ratio. It also asked NBFCs to segregate into granular buckets the 1-30-day time bucket in the statement of structural liquidity to 1-7, 8-14, and 15-30 days …

RBI not looking at liquidity facility for NBFCs: Dy Guv Vishwanathan
5 years, 5 months ago

RBI not looking at liquidity facility for NBFCs: Dy Guv Vishwanathan

Live Mint  

Mumbai: Reserve Bank of India has ruled out any special liquidity facility for Non Banking Financial Institutions saying there is enough in the system to meet their needs for borrowings and it is for the lenders to take a call on lending to the NBFCs. "Reserve Bank's position is that there is adequate liquidity in the system and it is …

FM Nirmala Sitharaman directs banks, NBFCs to focus on increasing credit outgo in 400 districts
5 years, 6 months ago

FM Nirmala Sitharaman directs banks, NBFCs to focus on increasing credit outgo in 400 districts

Live Mint  

To increase credit disbursement during the ongoing festive season, finance minister Nirmala Sitharaman on Thursday directed commercial banks and non-banking financial companies to reach out to customers across 400 districts in two phases before 15 October. Besides, Sitharaman asked banks not to declare stressed assets of MSMEs as non-performing asset till 31 March 2020, invoking the existing guidelines of the …

RBI increases banks' loan exposure limit to single NBFC from 15% to 20% of its capital base
5 years, 6 months ago

RBI increases banks' loan exposure limit to single NBFC from 15% to 20% of its capital base

Firstpost  

Banks’ exposure to a single non-banking financial company is restricted to 15% of their available eligible capital base Mumbai: The RBI on Thursday increased loan exposure limit of banks to a single NBFC from 15 percent to 20 percent of its capital base, a move that will help increase credit supply to the crisis-ridden shadow banking sector. According to the …

As RBI tries a Panglossian message, NBFC investors face a harsher reality
5 years, 7 months ago

As RBI tries a Panglossian message, NBFC investors face a harsher reality

Live Mint  

As messages go, Reserve Bank of India governor Shaktikanta Das gave a Panglossian one, expressing yet again the central bank’s resolve to help non-banking financial companies weather the crisis they are mired in currently. “Our discussion with market participants suggests that debt investors are keen to invest only in high-quality retail players, mostly with strong parentage, such as Bajaj or …

RBI governor Shaktikanta Das rules out asset quality review of NBFCs for now
5 years, 7 months ago

RBI governor Shaktikanta Das rules out asset quality review of NBFCs for now

Firstpost  

Mumbai: Even as he reiterated the regulatory resolve to not let any large NBFC fail, Reserve Bank governor Shaktikanta Das Monday ruled out ordering an asset quality review of the systematically important shadow banks for now. Addressing the press on the sidelines of the national banking conference being organised by the industry lobby Ficci, Das ruled out ordering an asset …

Bank can lend more to Non Banking Finance Companies
5 years, 7 months ago

Bank can lend more to Non Banking Finance Companies

Deccan Chronicle  

Mumbai: To enhance credit flow to the crisis hit Non Banking Finance Companies sector, the Reserve Bank of India on Wednesday announced a slew of measures. On the same lines, in order to boost consumption, the central bank also reduced the risk weights for consumer loans such as personal loans, auto loans to 100 per cent from 125 per cent. …

RBI gives priority sector tag for specified bank loans to NBFCs
5 years, 7 months ago

RBI gives priority sector tag for specified bank loans to NBFCs

Live Mint  

New Delhi: The Reserve Bank of India has given priority sector tag to bank loans extended to registered non-bank lenders for financing agriculture, small businesses and home buyers within specified limits. The RBI said in a statement on developmental and regulatory policies as part of its third bi-monthly monetary policy review this fiscal that it has accorded priority sector status …

Guidelines for PSU banks to pick pooled assets of NBFCs likely this week
5 years, 8 months ago

Guidelines for PSU banks to pick pooled assets of NBFCs likely this week

Live Mint  

New Delhi: In a bid to deal with stress in NBFC sector, guidelines will be issued soon for state-owned banks to take over pooled assets of non-banking financial companies, a finance ministry official said. To address the stress in the sector, Finance minister Nirmala Sitharaman in the Budget proposed that public sector banks would purchase high-rated pooled assets of financially …

Centre to bailout NBFCs for now
5 years, 8 months ago

Centre to bailout NBFCs for now

Deccan Chronicle  

Mumbai: The government announced a host of credit and tax measures in the Union Budget 2019-20 to ease the stress in India’s non-banking finance companies and prevent a full-blown crisis. The Budget announced that to enhance liquidity access for the sector, the government will provide one-time six-month partial guarantee of `one lakh crore to state-run banks for purchasing consolidated high-rated …

NBFC Sector Budget 2019: Govt to provide one-time partial credit guarantee to PSBs to buy financially sound NBFC assets
5 years, 8 months ago

NBFC Sector Budget 2019: Govt to provide one-time partial credit guarantee to PSBs to buy financially sound NBFC assets

Firstpost  

The NBFCs are playing an important role in sustaining consumption demand as well as capital formation in small and medium industrial segment, she said in her maiden Budget Speech in Parliament. New Delhi: Non-banking financial companies play an important role in capital formation and the government will provide a one-time partial credit guarantee to PSBs to buy high-rated pooled assets …

Shares of NBFC advance as finance minister allows more power to RBI supervision
5 years, 8 months ago

Shares of NBFC advance as finance minister allows more power to RBI supervision

Live Mint  

Mumbai: Non banking finance companies on Friday surged after finance minister Nirmala Sitharaman said in the Union budget that the government will give more powers to Reserve Bank of India to supervise NBFCs. According to Bloomberg report, the government is said to peg fiscal year 2020 budget deficit target at 3.3% of gross domestic product. Finance minister Nirmala Sitharaman is …

Government considering giving more powers to RBI to regulate NBFCs: Sitharaman
5 years, 8 months ago

Government considering giving more powers to RBI to regulate NBFCs: Sitharaman

India TV News  

The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies, Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. The central bank, she added, has also informed that with a view to strengthen the NBFCs and maintain the stability of the financial system, it has been taking necessary regulatory and supervisory …

Making sense of the NBFC puzzle box
5 years, 9 months ago

Making sense of the NBFC puzzle box

Live Mint  

Mumbai: Non-banking financial companies have been in the news since September last year for all the wrong reasons. An RBI research report showed that 99.7% of shadow banking in India makes long-term loans against short-term funding, primarily carried out by NBFCs and housing finance companies. Amit Bapna, RCAP’s group chief financial officer, told Mint that following the IL&FS crisis, funding …

RBI to have fresh look at NBFC supervision: All you need to know about what's ailing India's shadow banking sector
5 years, 9 months ago

RBI to have fresh look at NBFC supervision: All you need to know about what's ailing India's shadow banking sector

Firstpost  

Many large NBFCs have come under severe liquidity pressure, compelling them to bring down their reliance on commercial papers following series of default by group companies of IL&FS Concerned over the stress in the NBFC sector, RBI Governor Shaktikanta Das on Saturday said there is a need to have a fresh look at the regulation as well as supervision, and …

New liquidity requirement for non-banks is credit positive, says Moody’s
5 years, 9 months ago

New liquidity requirement for non-banks is credit positive, says Moody’s

Live Mint  

Mumbai: The Reserve Bank of India guidelines that said liquidity coverage ratio will be applicable to non-banking financial companies from 1 April, 2020 is credit positive for asset-backed securities deals, said a note by Moody's Investors Service on Tuesday. This is credit positive for Indian asset-backed securities deals issued by NBFCs because it will reduce the risk that NBFCs would …

RBI proposes new liquidity norms for NBFCs. How it may impact you
5 years, 9 months ago

RBI proposes new liquidity norms for NBFCs. How it may impact you

Live Mint  

The Reserve Bank of India has issued draft guidelines on liquidity management for the non banking finance companies and proposed a liquidity coverage ratio for large NBFCs covering all deposit-taking NBFCs and non-deposit taking NBFCs with an asset size of ₹5,000 crore and above. Here is a look at what it means and how it will impact you: THE NEW …

RBI releases draft liquidity framework guidelines for ailing NBFCs
5 years, 10 months ago

RBI releases draft liquidity framework guidelines for ailing NBFCs

Live Mint  

The Reserve Bank of India on Friday released the much-awaited draft guidelines on liquidity risk management framework for non-banking financial companies and core investment companies. In its draft guidelines, RBI has proposed to introduce a Liquidity Coverage Ratio, which is the proportion of high liquid assets set aside to meet short term obligations for all NBFCs with an asset size …

Reserve Bank releases draft circular on NBFC liquidity risk management framework after IL&FS, DHFL cash crunch
5 years, 10 months ago

Reserve Bank releases draft circular on NBFC liquidity risk management framework after IL&FS, DHFL cash crunch

Firstpost  

RBI said that the recent developments in the NBFC sector pointed to the need for a stronger Asset Liability Management framework in the NBFCs The Reserve Bank of India on Friday issued a draft circular on liquidity risk management framework for non-banking financial companies and core investment companies. The central bank said that the recent developments in the NBFC sector …

RBI not in favour of special credit window for NBFCs
5 years, 10 months ago

RBI not in favour of special credit window for NBFCs

Live Mint  

New Delhi: The Reserve Bank of India is not in favour of providing special credit window to the NBFC sector to tide over the liquidity crunch as the cash crunch phenomenon is not systemic, said sources. Industry players and government think-tank NITI Aayog made a case for giving special credit window for non-banking financial companies facing liquidity crunch following default …

Federal Bank to avoid lending to lower-rated NBFCs, says Shyam Srinivasan
5 years, 10 months ago

Federal Bank to avoid lending to lower-rated NBFCs, says Shyam Srinivasan

Live Mint  

Mumbai: Kerala-based private sector lender, Federal Bank is now more cautious than ever on lending to the non-banking financial companies. Following the defaults and liquidity crunch in the sector, the bank has decided not to renew credit lines to low-rated NBFCs, managing director and chief executive officer Shyam Srinivasan said in an interview. To be sure, the bank’s total risk-weighted …

RBI eases norms for bank lending to well-rated NBFCs
6 years, 1 month ago

RBI eases norms for bank lending to well-rated NBFCs

Live Mint  

The RBI today eased norms for maintaining risk weights on bank lending to non-banking finance companies or NBFCs. With a view to facilitating flow of credit to well-rated NBFCs, it has now been decided that rated exposures of banks to all NBFCs, excluding core investment companies, would be risk-weighted as per the ratings assigned by the accredited rating agencies, in …

Opinion | The case for a unified supervision regime for NBFCs
6 years, 1 month ago

Opinion | The case for a unified supervision regime for NBFCs

Live Mint  

Early last week, Cobrapost, an investigative blog, promised a “sting”. Non-deposit taking systemically important entities, tagged with the alphabet soup acronym NBFC ND-SI, are those with a threshold asset size greater than ₹500 crore—asset finance companies, asset reconstruction companies, infrastructure finance companies, and microfinance companies are among the various types that make up the broad group of NBFCs. Australia follows …

NBFCs’ gross bad debt increases to 6.1% in September
6 years, 2 months ago

NBFCs’ gross bad debt increases to 6.1% in September

Live Mint  

Mumbai: Gross non-performing assets of non-banking financial companies increased to 6.1% of total advances in September 2018, from 5.8% in March 2018. RBI governor Shaktikanta Das advocates caution in his foreword to the report: “The recent developments in non-banking financial companies have underscored the need for greater prudence in risk-taking. There is, in particular, a need for some rebalancing as …

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