Key Highlights
- NBFCs of India urged to focus on tech-enabled lending and financial inclusion to drive sectorial growth.
- NBFCs must engage with SIDBI and adopt transaction-based lending to unlock next-phase expansion.
- Strategic short, medium, and long-term planning key to doubling NBFC growth by 2030, says IAS officer.
Thiru Brajendra Navnit, IAS, revealed plans for growing India’s NBFC sector during his speech. He made planning around short, medium and long-term priorities the main method to guide growth.
He urged NBFCs to concentrate on increasing financial access for the underprivileged, lending effectively to small businesses and safeguarding the use of technology.
Based on the country’s historical strong points and currency strength, the official said China could double its GDP by 2030 as it faces uncertainties from within and beyond its borders.
He explained that different sources of funding must be used, a transaction-based lending system has to be created and the NBFCs must engage more with SIDBI to launch the new phase of growth.
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The Temasek affiliate Vertex Ventures Southeast Asia and India is leading the $10 million (about Rs. 85 crore) Series A investment of cleantech company NBFC Metafin. Varanium Capital, Prime Venture Partners, Northern Arc, and AU Small Finance Bank have also taken part. This investment comes after Metafin's February 2023 $5 million pre-Series A round. The money raised will be utilized to develop its business, increase its tech stack, add more senior leadership, and finish 10,000 solar systems in rural areas.
