At a panel discussion, titled "Coming out of the shadow of banks?", Jairam Sridharan of Piramal Capital & Housing said the Reserve Bank of India (RBI) action over the last 18 months has cut across banking and non-banking entities. However, the recent action was against the four non-banking entities, two NBFCs and as many micro finance institutions (MFIs), he asserted.
"The recent action is a bit more in our mind. But, in general, RBI has been concerned about the conduct issues of all lenders over the last 18 months, and very appropriately," Sridharan said.
He said the lending industry needs to take note of the underlying concerns that are being raised by the RBI.
"But, in general, it (the action) is structure-agnostic. The RBI actions have been structured very democratically," Sridharan said.
The RBI recently took a firm stance by halting the loan disbursement activities of four entities cited above with effect from October 21.
RBI Governor Shaktikanta Das had earlier said the move came after extensive engagement with these institutions, which failed to implement the necessary corrective measures.
Das had said that while the overall NBFC sector remains sound, a few companies have aggressively prioritised rapid growth over sustainable business practices and risk management.
To a query whether the image of NBFCs have been tarnished by the RBI action, Rajiv Sabharwal of Tata Capital tried to distinguish between RBI actions arising out of systemic concerns and the ones that are based on specific company-based issues.
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