The financial sector in India is undergoing a massive transformation in sync with the diversifying demands of the thriving economy. A pivotal part of this revamping is accredited to the several progressive initiatives like Digital India, demonetisation and Pradhan Mantri Jan Dhan Yojana(PMJDY), reinforced by the Central Government.
Lately, a major part of these changes are initiated towards banking the unbanked sections of the society and Non-Banking Financial Companies (NBFCs) are making extensive efforts in realising the dream of financial inclusion.
In 1960s NBFCs laid their foundation in India and they are emerging as substantial contributors to the Indian economy’s growth by supplementing the effort of banks and other financial institutions.
NBFCs have a greater scope for growth in developing countries like India where 70 per cent of the population resides in rural areas.
Further, the Reserve Bank of India (RBI) is gearing up to trim down several categories in the NBFC domain to fuel up its growth and expansion.
Lending a crucial effort to the cause of financial inclusion, the RBI on 19 August 2015 gave licenses to 10 Small Finance Banks. The main aim of this initiative was to bring the unbanked section of the society under the periphery of the formal banking system.
Highlighting this significance of NBFCs and Small Finance Banks, Elets Technomedia Pvt Ltd is organising “NBFC100 Tech Summit” on October 12th at ITC Grand Central, Mumbai. This upcoming summit will focus on leading 100 NBFCs and Small Finance Banks.
Esteemed dignitaries namely Surendra Nath Tripathi, Additional Secretary & Development Commissioner, MSME, Government of India, D K Jain, Additional Chief Secretary, Government of Maharashtra and Dinesh Arora, Director, NITI Aayog will contribute to the cause of summit with their exquisite expertise in the domain.
Several eminent personalities from the banking and financial service domain will also share their valuable dexterity in making the amalgamation a never seen before experience.
For further details please visit: http://bfsi.eletsonline.com/NBFC100/2017/
