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The Reserve Bank of India (RBI) has recently issued a caution regarding the rapid growth of consumer credit offered by Non-Banking Financial Companies (NBFCs). The central bank’s latest Financial Stability Report highlights the necessity for closer monitoring of certain NBFCs, emphasizing the need for robust risk management practices as the industry faces evolving challenges.
The FLDG model involves a collaboration between fintech companies and NBFCs, where the fintech firm covers a certain percentage of the default risk associated with a loan. This arrangement allows NBFCs to expand their lending portfolios with reduced risk, while fintechs benefit from leveraging NBFCs’ reach and resources.