....The RBI has promised draft guidelines on a new regulatory framework for non-banking finance companies (NBFCs) by end-June 2012. The NBFCs serve the demand for finance that banks shun. It is common knowledge that banks in India leave a lot on the table. India tops the charts in financial exclusion. The RBI is seen coercing the banks on financial inclusion in the same policy statement. Coercion rarely leads to sustainable development. But sustainable NBFCs can be a powerful vehicle of finance that should be supported by a positive regulatory framework.....
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