The Reserve Bank of India (RBI) Governor on Monday discussed the outlook on potential stress on balance sheets of non-banking financial company-micro finance institutions (NBFC-MFIs) in the backdrop of the second wave of the Covid-19 pandemic.
The meeting also took stock of credit flows to borrowers of NBFC-MFIs. These entities give credit to economically dis-advantaged groups.
In a video-conference with the chiefs of select NBFC-MFIs, RBI Governor Shaktikanta Das discussed issues including assessment of current economic situation, and liquidity scenario.
The Governor emphasised the supervisory expectations in terms of maintaining their business resilience and managing risks prudently.
Das 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.
The meeting was also attended by Deputy Governors M. K. Jain, M.D. Patra and a few other senior officials of RBI.