Ensure fair treatment to customers: RBI Guv Malhotra to NBFCs
RBI Governor Sanjay Malhotra on Thursday asked NBFCs to ensure customers are treated fairly and put in place a mechanism for quick redressal of grievances. The governor met with managing directors and chief executive officers of select non-banking financial companies (NBFCs) across all layers, including government NBFCs, housing finance companies and micro-finance institutions.
These NBFCs constitute nearly 50 per cent of the total assets of the NBFC sector.
Malhotra, in his opening remarks, underscored the role played by NBFCs in credit intermediation, particularly in making credit available for small businesses and niche segments, the Reserve Bank of India (RBI) said in a statement.
Highlighting the collaborative efforts required between the Reserve Bank and the NBFCs, the Governor stressed upon balancing growth aspirations with sound practices for ensuring inclusive development, customer protection and financial stability.
«He also underscored the significance of ensuring fair treatment to customers and putting in place a prompt grievance redress mechanism,» the RBI said.
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