The Reserve Bank of India Governor Shaktikanta Das held a meeting with the Managing Directors and Chief Executive Officers of selected NBFC-MFIs on Monday, May 3, 2021, through video conference.
The meeting also witnessed the presence of Deputy Governors M. K. Jain, Dr. M.D. Patra and a few other senior officials of RBI.
In his opening statement, Shaktikanta Das said that he recognised the significance of NBFC-MFIs in making credit accessible at the grassroots level.
Further, he emphasised on the supervisory expectations in terms of maintaining their business resilience and managing risks cautiously. He also advised the NBFC-MFIs to ensure focussed attention on strict adherence to the fair practices code, improve customer grievance redress mechanism and strengthen their IT systems in the interest of the institutions and their customers.
Matters namely Assessment of current economic situation, Credit flows to borrowers of MFIs, Outlook on potential stress on balance sheets of NBFC-MFIs, Liquidity scenario etc were also discussed during the meeting.