In a speech delivered at an event organised by the Confederation of Indian Industries (CII), Rao also cautioned NBFCs against peer-to-peer (P2P) lending practices, which are not in line with regulatory guidelines.
"NBFC-P2Ps have been observed to underplay the risks through various means such as promising high/assured returns, structuring the transactions, providing anytime fund recall facilities, etc. Let me make it clear that any breach of licencing conditions and regulatory guidelines is non-acceptable," he added.
Rao said NBFCs should focus on maintaining the quality of their loan portfolio.
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