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Digitization drives NBFCs’ growth: Karad

Digitization drives NBFCs’ growth: Karad

At the CII NBFC summit with the theme “Role of NBFC’s and HFC’s in driving sustainable GDP growth,” Dr Bhagwat Karad, Minister of State for Finance, stated that the NBFCs have reached an asset base of around Rs 54 trillion for FY2021-22, which is close to 25% of the balance sheet of the banking sector in the country.

With customized products, NBFCs have contributed to higher credit growth than the commercial banking sector, and they have become the innovation machine of the financial landscape. Dr Karad informed that due to digitization and quality customer services, the NBFCs have grown to almost 25% of the balance sheet (B/S) size of the banking sector at present from 12 percent in the year 2010. “NBFCs are investing in digital technology like artificial intelligence and big data. It will also bridge the financial gap in the coming years due to its low cost of operation,” Karad added.

Abhimanyu Munjal, Chairman, of CII National Forum on NBFCs and Joint Managing Director & CEO, Hero FinCorp stated that the NBFCs will help India achieve the $5 trillion dream. “NBFCs are leveraging data to strengthen their models and play a critical role in developing the country’s core infrastructure,” he said.

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