Economy
RBI Opens More Room for NBFC Growth, Tightens Risk Expectations
RBI Deputy Governor Shirish Chandra Murmu backed NBFC expansion while stressing stronger governance, liquidity, credit controls and cyber resilience.
What happened
Speaking at the 7th NBFC and HFC Summit in Mumbai on September 3, 2026, Murmu said NBFC credit reached 16.7% of nominal GDP, up from 15.9% a year earlier, while outlining regulatory support and supervisory priorities.
Why it matters
NBFCs could gain from digital public infrastructure, sector expertise, co-lending and regulatory changes supporting expansion. But faster growth will come with sharper expectations on funding diversification, underwriting, customer protection, governance and cybersecurity.
Source: RBI Speeches