(ET)
The Reserve bank of India Governor, Shaktikanta Das met managing directors (MD) and Chief Executive officers (CEOs) of Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) via video conferencing. The meeting was attended by Deputy Governors MK Jain and Dr MD Patra and a few other senior officials of RBI.
In his opening remarks, the Governor recognised the important role of NBFC-MFIs in making credit accessible at the grassroots level. He also emphasised the supervisory expectations in terms of maintaining their business resilience and managing risks prudently.
He advised the NBFC-MFIs to pay focussed attention on strict adherence to fair practices code, improve customer grievance redress mechanism and strengthen their IT systems in the interest of the institutions and their customers.
