India’s large NBFCs will be transformed into banks as RBI declared

India's large NBFCs will be transformed into banks as RBI declared

Lessening the incidence of financial corruption and with it extending the banking system to more people. These are the two main targets of the Reserve Bank of India (RBI) as of now. Thus, more large non-banking financial companies (NBFCs) of India will be transformed into banks.

Recently, the RBI deputy governor said, “If NBFCs are converted into state-owned banks, they will be under the direct control of the country’s banking system. It will ensure the security of the economy. Once they reach the people in the rural areas, they will be able to reach a much larger number of people in the country’s banking system.”

The RBI deputy governor said the process of making some of the country’s largest non-banking financial institutions under the banking system has started in the last five to six years. That acceleration will increase in future days. More and more large NBFCs will be transformed into banks.

(With some inputs from anandabazar.com)

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