India’s banking sector has changed significantly with the growth of Non-Banking Financial Companies (NBFCs). These companies have transformed the way people and businesses access credit across the country.
Unlike traditional banks, NBFCs focus on providing flexible and customized financial solutions. They help groups that are often ignored by banks, such as small businesses, rural entrepreneurs, and individuals without a formal credit history.
VP Nandakumar, Managing Director of Manappuram Finance, explains how NBFCs are creating new opportunities by making credit more accessible and inclusive. Their role has been crucial in supporting economic growth at the grassroots level.
The NBFC sector in India has grown rapidly and has become an important part of the financial system. As of December 2024, NBFCs had provided loans worth around ₹52 trillion. This figure is expected to cross ₹60 trillion by the financial year 2026.
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