Growth and development of non-banking financial companies in

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GROWTH AND DEVELOPMENT OF NON-BANKING FINANCIAL COMPANIES IN
INDIA
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· October 2014
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RIJSS Volume 3, Issue 10 (October. 2014) ISSN: 2250 – 3994
Journal of Radix International Educational and Research Consortium
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GROWTH AND DEVELOPMENT OF NON-BANKING FINANCIAL COMPANIES IN INDIA

DR. KSHETRIMAYUM RANJAN SINGH
Faculty of Accounting and Management Department Of Computer Science
Manipur University, Imphal, India

ABSTRACT

It is accepted by everyone that NBFCs have been playing an important role in channelizing the scarce
financial resources in capital formation. NBFCs have been supplementing the role of the organised banking
sector by bridging the credit gaps, i.e., in meeting the increasing financial needs of the corporate sector,
delivering credit to the unorganized sector and to small local borrowers. NBFCs have enjoyed a more
flexible structure than banks in the organised sector. From time to time, the Central Government as well as
Reserve Bank of India have been working towards regulation of these NBFCs. The Department of Non-
Banking Supervision of RBI has been indulged in these activities of regulating as well as supervising the
NBFCs.

The contribution made by these NBFCs in the economic growth as well as in meeting the credit needs of the
economy is needed to be appreciated and there is also a need to keep an eye on their functioning as some
of these NBFCs have looted people's money who were innocent investors to them.

The present paper Growth and Development of Non-Banking Financial Companies in India have given
focus on areas like defining the term NBFCs, evolution, growth and development of NBFCs, regulatory
authorities and supervision of NBFCs. The paper is an attempt to analyse evolution, growth and
development of Non-Banking Financial Companies in India.
Keywords:
Non-Banking Financial Companies, Organised Banking Sector, Financial Institutions, Financial Supermarkets, Reserve Bank of India, Supervision and Regulation.