India’s Leading BFSI and FinTech Companies 2023

38 | India’s Leading BFSI and FinTech Companies 2023 Gold loans is a niche segment with retail lending where NBFCs have a robust presence N on - ba n k i ng f i n a n c e companies (NBFCs) play an important role in the inclusive growth strategy of the country. They are the last-mile connectors in the credit-delivery mechanism. Not surprisingly, the banking regulator keeps a cont i nuous wa t ch on the happenings in the NBFC space. According to a Reserve Bank of India (RBI) report, there are approx. 9,640 NBFCs at the end of July 2022. They comprise of categories such as deposit taking INDIAN NBFCs SECTOR OVERVIEW NBFCs, non-deposit takingNBFCs, asset reconstruction companies, non-deposit taking systemically important NBFCs (NDSI NBFC). Within the larger NBFC space, the NDSI NBFC category accounts for around 86 per cent of the total assets of the sector at end-March 2022. NBFCs AS A CRUCIAL CREDIT DISPERSER Since 2013, the credit-to-GDP ratio of NBFChas consistently risen from 8.6% in FY13 to 13.6% in FY21. In FY22, this has, however, come down to 12.3%. This gives a clue or two to the stepped-up role played by the sector in the overall credit disbursal. Dun & Bradstreet