The Viewpoint: Liberalizing FDI in Financial Services: Need of the hour?

M&A, POEM

 - Shradha Sachdev (With inputs from Satyajit Gupta)

Introduction

Traditionally, India has had a bank-dominated financial services sector. However, the importance of non-banking financial companies (NBFCs) has been recognized, not only as a supplement to mainstream banking in meeting the increasing financial needs of the corporate sector but also for delivering credit to the unorganized sector and to small local borrowers.

The RBI Act broadly defines a NBFC as a financial institution . . .

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