siliconindia | | MAY 20244Over recent years, NBFCs have witnessed substantial growth, elevating their importance in the financial landscape. Engaging in activities such as deposit acceptance, offering secured and unsecured loans, leasing, and hire-purchase services, these entities contribute significantly to the financial sector. NBFCs are at the forefront of financial inclusion in India, facilitating credit to key and niche sectors of the Indian economy ranging from infrastructure to unbanked sections of the society. They play an integral role in the diversification of the Indian financial sector by mobilizing resources and providing loans at payable costs. They provide various kinds of credit such as consumer loans, mortgage loans, auto loans, gold loans, and others.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 cyber security, 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.The banking sector with its stringent lending process finds it difficult to cater to an extensive customer spread. Many customers seek out NBFCs due to their quick decision-making, minimal document requirements, and prompt services. Additionally, government schemes like 'Make in India' have given a boost to the country's manufacturing sector, fostering credit demand from heavy industries. The credit-hungry micro, small, and medium enterprise (MSME) sector also increasingly seeks NBFC funding. In this edition, '10 Most Promising NBFCs in India - 2024' siliconindia is featuring a few key players in the industry.Read to know more about them and share your feedback! Publisher Managing EditorAssociate EditorSenior CorrespondentAlok ChaturvediMandvi SinghIndranil ChakrabortySamatha SPVol 10 · Issue 02 - 05 · MAY, 2024Editorial TeamHima P. MViswanathan A Roshan AktharManager - DesignPrabhu Dutta A.R.N RayArt ManagerSuanya Chakraborty Designers Mrigank SharmaSurbhi SumanVP- Sales & MarketingRohit KumarAdvertising ManagersKiran Singh 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 Executive Prints - 113/7, Ground floor, Old madras road, Halasuru, Bangalore - 560008 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Publisher Alok ChaturvediCopyright © 2024 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.siliconindiaEditorialNBFCs: Where Financial Goals Find SupportMandvi SinghManaging Editoreditor@siliconindia.com
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