Not All NBFCs are the same

For over a year, an overwhelming drive has been underway for labeling the non-banking financial companies (NBFCs) as anathema to our economy. Painting all the NBFCs with the same brush is easy; however, it is not easy to ignore the contributions that they have made in order to address the demands of the economy for helping financial inclusion.

Shadow banking, a Western term that means being outside of the scope of the system of finan....