This book examines the trend and growth of non-banking financial companies (NBFCs) both from
balance sheet and regulations view-points. It further investigates the role of NBFCs in
furthering financial inclusion last-mile delivery of credit and their contribution to
financial sector.Since the Reserve Bank of India (RBI) formally recognised the NBFCs in India
in 1964 they have increased significantly in terms of size form and types of products and
instruments. They have also managed their asset quality better than banks. Traditionally they
were dependent on banks for funds but after the global financial crisis they began to tap the
capital market. Concomitantly the RBI regulations have closed the fault lines and tightened
rules.The book assesses whether NBFCs in India should be treated as shadow banks discusses how
to achieve the right amount of regulation and safeguards without unduly stifling the NBFC
sector and studies the funding opportunities and challenges of NBFCs in India. As such it
serves as a basic reference for students in finance and a valuable tool for professionals such
as policymakers and investment analysts and other stakeholders in the finance area.
