RBI Governor meets MDs and CEOs of NBFC- Micro Finance Institution

The Reserve bank of India Governor, Mr. Shaktikanta Das on Monday met Managing Directors (MD) and Chief Executive Officers of Non- Banking Financial Company- Micro Finance institution (NBFC- MFI) via video conference. The meeting was attended by Deputy Governors M K Jain and Dr M D Patra and a few other senior officials of RBI.

He advised to pay focused attention on strict adherence to fair practice codes, improve customer grievance redress mechanisms and strengthen their IT systems in the interest of the institutions and customers. Among other matters, the following issues were discussed in the meeting: Assessment of the current economic situation, Credit flows to borrowers of MFIs, Outlook on potential stress on balance sheets of NBFC- MFIs and liquidity scenario.