On March 12, 2026, Shri M Nagaraju, Secretary of the Department of Financial Services (DFS), Ministry of Finance, chaired a meeting in New Delhi with major Non-Banking Financial Companies (NBFCs). The meeting, attended by representatives from NBFCs, their Self-Regulatory Bodies (SRBs) including FIDC, MFIN, and SaDhan, as well as senior officials from the Reserve Bank of India (RBI), Department of Revenue (DoR), Unique Identification Authority of India (UIDAI), and DFS, focused on discussing targeted points and reaching solutions to issues faced by the NBFC sector through stakeholder consultation.
During the meeting, participating NBFCs shared their concerns and proposed solutions, which were discussed with representatives from RBI, DoR, and UIDAI. Secretary, DFS, emphasized the need for NBFCs to be robust, vibrant, and financially sound to serve underserved and new-to-credit customers. He also recommended organizing a workshop with UIDAI and the National Payments Corporation of India (NPCI) to enhance NBFCs' understanding and effective use of KYC.
SRBs for NBFCs were tasked with developing a framework for reforms aimed at strengthening the sector. The DFS noted that continuous engagement with all stakeholders is crucial for resolving NBFC issues and bolstering their capacity to meet the economy's credit needs. The release was posted on March 12, 2026, at 8:17 PM by PIB Delhi. The release ID is 2239207, with a visitor counter of 1592. The release is also available in Hindi, Gujarati, and Tamil.
Key Entities Referenced
Non-Banking Financial Companies (NBFCs): The primary subject of the policy discussion and a key sector impacted.
Ministry of Finance: The overarching government body overseeing the policy and its implementation.
DFS: Department of Financial Services, the specific department within the Ministry of Finance leading the initiative.
Reserve Bank of India (RBI): A key regulator and participant in the discussion concerning financial services.
Department of Revenue (DoR): A relevant government department involved in discussions related to financial regulations and taxation.
Ministry of Finance
Secretary, DFS chairs meeting with Non-Banking
Financial Companies (NBFCs) to discuss
targeted points pertaining to the sector
Meeting emphasises on reaching a solution on issues being
faced by NBFCs through stakeholder consultation
Posted On: 12 MAR 2026 8:17PM by PIB Delhi
Shri M Nagaraju, Secretary, DFS, Ministry of Finance chaired a meeting with major Non-Banking
Financial Companies (NBFCs) in New Delhi today. The meeting was attended by the representatives/
Chief Executives/senior officials of NBFCs, Self-Regulatory Bodies for NBFCs i.e. Finance Industry
Development Council (FIDC), Microfinance Institutions Network (MFIN) and SaDhan. The meeting was
also attended by the senior officials from the Reserve Bank of India (RBI), Department of Revenue (DoR),
Unique Identification Authority of India (UIDAI) and DFS.The engagement with NBFCs was designed to foster an open exchange of ideas on targeted points.
Detailed discussion with representatives from RBI, DoR and UIDAI on issues concerning their area of
operation was deliberated upon.
The emphasis was on reaching to a solution on issues being faced by NBFCs through stakeholder
consultation.
Participating NBFCs shared their concerns and solutions for the same were discussed with RBI, DoR &
UIDAI.
Secretary, DFS emphasised that NBFCs need to be more robust, vibrant and financially sound, catering to
the needs of underserved and new to credit customers. He further advised to hold a workshop with UIDAI
and NPCI to educate NBFCs on the use of KYC effectively.
SROs for NBFCs were requested to work out a framework on reforms to be implemented for NBFCs to
strengthen the sector.
The continuing engagement on NBFC matters with all stakeholders facilitates resolution of their issues
and further strengthens them to meet credit needs of the economy.
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Read this release in: ही , Gujarati , Tamil