The meeting was attended by Deputy Governors MK Jain and Dr MD Patra and a few other senior officials of RBI.
In his opening remarks, the Governor recognised the important role of NBFC-MFIs in making credit accessible at the grassroots level. He also emphasised the supervisory expectations in terms of maintaining their business resilience and managing risks prudently.
He advised the NBFC-MFIs to pay focussed attention on strict adherence to fair practices code, improve customer grievance redress mechanism and strengthen their IT systems in the interest of the institutions and their customers.
Among other matters, the following issues were discussed in the meeting:Assessment of current economic situation; Credit flows to borrowers of MFIs; Outlook on potential stress on balance sheets of NBFC-MFIs and liquidity scenario.
Earlier today, T Rabi Sankar took over as the Deputy Governor of Reserve Bank of India today for a period of three years or until further orders.