RBI Guv meets MD, CEOs of NBFC-Micro Finance institution to assess stress

Mumbai, May 4 (KNN) Reserve Bank of India (RBI), Governor, Shaktikanta Das met Managing Directors (MD) and Chief Executive officers (CEOs) of Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs).

The meeting was attended by Deputy Governors M K Jain, Dr M D 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 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 mechanisms and strengthen their IT systems in the interest of the institutions and their customers.

Among other matters, the following issues were discussed in the meeting such as Assessment of current economic situation;

Credit flows to borrowers of MFIs; Outlook on potential stress on balance sheets of NBFC-MFIs and Liquidity scenario.