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The Economic Times Successfully Concludes First Edition of NBFC & MFI Summit 2018

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(Attn.editors: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same).

MUMBAI, March 22, 2018/PRNewswire/-- The Economic Times NBFC & Micro Finance summit held today at The Lalit Mumbai saw industry doyens deliberate on growing significance of NBFCs & MFIs in the industry. The summit highlighted the role of NBFCs in promoting India's economic growth. It also analyzed the opportunities, challenges and problems faced by this sector and the way forward.

(Photo: https://mma.prnewswire.com/media/657637/ET_Edge_NBFC_MFI_Summit.jpg )

Commencing the conference with his opening remarks, Raman Agrawal, Chairman, FIDC & Senior VP Corporate Affairs, SREI, stated that the flow of non-bank resources to the corporate sector, which includes bond market borrowing and lending by NBFCs, has increased by 43% from April 2017 to December 2017. According to RBI Financial Stability Report Dec 2017, NBFCs were the largest net borrowers of funds from the financial system; hence there are huge growth opportunities.

In a panel discussion held on the role of Financial Inclusion, Ms. Kshama Fernandes, CEO, Nothern Arc said, "Technology is not an end-all in itself. I think credit underwriting is the next space where you might see technology increasingly pervading, utilizing vast amounts of data and our digital footprints to evaluate the underlying credit." Adding further George Alexander Muthoot, MD, Muthoot Finance, said, "We are looking at using customer's credit score to give them unsecured loans as most of the gold customers do not have home of their own. Considering the power that technology holds, we are constantly trying to use and evolve technology in a way that is beneficial and creates hassle-free experience for most customers."

Govind Sankaranarayan, Head - Strategy, Tata Capital, said, "Combination of partnership and database helps in increasing penetration of financial inclusion. To reach large numbers of customers successfully and minimize risk, we have partnered with various governments to use their database and identify customer worthiness. Thus lending has been productive."

Talking about the event, Deepak Lamba, President - Times Strategic Solutions, said, "The summit was initiated to highlight the growth, success, challenges and other concerns of the industry through interactive panel discussions, keynotes and un-conferencing sessions. We are grateful to the legends from the finance industry that gathered here today for the larger good of the financial community by sharing inputs on factors affecting the rapid growth and upcoming opportunities within the NBFC & MFI space." (MORE) PRNewswire

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