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MUMBAI: On Monday, Reserve Bank Governor Sanjay Malhotra emphasized the necessity for robust underwriting standards and meticulous asset quality monitoring during a meeting with senior officials from selected non-banking financial companies (NBFCs).
This engagement is part of the Reserve Bank’s ongoing dialogue with regulated entities. The Governor convened with managing directors and chief executive officers (MDs and CEOs) of various NBFCs, including government-backed firms, housing finance companies (HFCs), and microfinance institutions.
In his opening remarks, the Governor acknowledged the vital role NBFCs and HFCs play in promoting credit flow. He stressed the importance of maintaining sound underwriting standards and vigilantly monitoring asset quality, as stated in a release by the Reserve Bank of India (RBI).
Malhotra further highlighted the significance of customer orientation, ethical practices, and responsible lending, along with efficient grievance resolution to preserve trust in the sector and foster its orderly and sustainable growth.
The last similar gathering between the Reserve Bank and NBFCs took place on February 13, 2025.
The entities participating in the meeting collectively manage approximately 53% of the assets in the NBFC sector.
Industry representatives included members from self-regulatory organizations such as Sa-Dhan, the Microfinance Institutions Network, and the Finance Industry Development Council.
During discussions, participants provided feedback on policy matters and operational concerns within the NBFC sector, as noted by the RBI.
The meeting was attended by deputy governors T. Rabi Sankar, Swaminathan J., Poonam Gupta, and S. C. Murmu, alongside the MD and CEO of the National Housing Bank, as well as other senior officials from the Reserve Bank.
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