siliconindia | | MAY 20234The role of Non-Banking Financial Companies (NBFCs) is crucial to the country's economy as they essentially cater to the unbanked and underbanked population of the country. NBFCs provide financial credit services to individuals, small and medium-sized enterprises, and other businesses not served by traditional banks. Playing an integral role in the diversification of the Indian financial sector by mobilizing resources they provide various kinds of credit such as consumer loans, mortgage loans, auto loans, gold loans, and more to the customer. While banks, the government-authorized entities led by a stringent lending process find it difficult to cater to an extensive customer spread, NBFCs hold a significant advantage over banks and offer loans at competitive interest rates to cater to a larger section of the market. Moreover, as one of the major problems of the financial services sector concerns data privacy and cybersecurity, with continuous tech innovation and focus on business expansion the NBFCs have adopted some of the key technology trends such as artificial intelligence (AI), machine learning (ML), blockchain, and big data analytics. While AI and ML are being used to automate credit scoring and fraud detection, blockchain is being used for secure and transparent online transactions. Most customers seek NBFCs on account of their quick decision-making, minimal requirements for documents, and prompt services, and it is heartening to see that the RBI and policymakers recognize the contribution of NBFCs in supporting real economic activity and meeting the credit demand. The opportunity for credit penetration still remains very high in India. Many, government schemes like `Make in India' are giving a boost to the country's manufacturing sector fostering credit demand from heavy industries. The credit-hungry micro, small and medium enterprises (MSME) sector also increasingly seeking NBFC funding. In 2023, NBFCs will play a larger role in supporting the socioeconomic construct of the Indian economy. Well, today where there exists a deluge of NBFCs, our siliconindia's edition ­ 10 Most Promising NBFCs in India ­ 2023, provides you with a well-evaluated and renowned list of players in the space to let you choose the best.Do read it and let us know what you think!Mandvi SinghAssistant Editoreditor@siliconindia.com PublisherAssistant EditorAssociate EditorAlok ChaturvediMandvi SinghIndranil ChakrabortyVol 10 · Issue 08 - 02 · MAY, 2023Editorial TeamHeena KousarHima P. M.Avinash Barik.Honey KumariManager - DesignPrabhu Dutta A.R.N RayArt ManagerSuanya Chakraborty Designers Mrigank SharmaTushar DasGM- Sales & MarketingSashi RanjanAdvertising ManagerBhaskar Bibek Nayak advertise@siliconindia.comEditorial Querieseditor@siliconindia.comCirculation Manager Magendran PerumalTo subscribeVisit: https://www.siliconindia.com/subscribe/or send email to subscription@siliconindia.comMagazine Price is Rs. 150 per issuePrinted and Published By Alok Chaturvedi on behalf of Silicon Media Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Publisher Alok ChaturvediCopyright © 2023 Silicon Media Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.siliconindiaNBFCs meeting The Credit Demand effectively of the Niche & Unbanked PopulaceEditorial
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