In a growing economy with rampant growth possibilities, Non-banking finance companies (NBFCs) have scripted a great success story.
Their contribution to the economy has grown in leaps and bounds from 8.4% in 2006 to above 14% in March 2015. In terms of financial assets, NBFCs have recorded a healthy growth—a compound annual growth rate (CAGR) of 19% over the past few years—comprising 13% of the total credit and expected to reach nearly 18% by 2018–19.
According to the financial stability report (FSR) released by the Reserve Bank of India (RBI) NBFC loans expanded 16.6% in the year, twice as fast as the 8.8% credit growth across the banking sector on an aggregate level.
The aggregate balance sheet of the NBFC sector expanded 15.5% in fiscal 2016 compared with 15.7% the previous year, the report said.RBI’s study covered the 11,682 NBFCs that were operating as of March 2016.
The success of NBFCs can be clearly attributed to their better product lines, lower cost, wider and effective reach, strong risk management capabilities to check and control bad debts, and better understanding of their customer segments.
And the industry is not expected to settle with this growth. Fast growth and expansion is the clarion call in the coming times, as can be pointed out from the facts and figures as well.
One such digital platform catalyzing this growth is CashSuvidha which is a trade name of Usha Financial Services Pvt. Ltd. The work being done by the team at this RBI Regulated NBFC, is completely aligned with the goal of revolutionizing the NBFC sector by providing hassle free loans at competitive rates of interest.
A true leader is the spearhead behind the team working wonders, and so are Mr. Rajesh Gupta and Mr. Anoop Garg. The awesome duo incapacitates more than 20 years of man experience in various business fields.
The vision that this online lending platform has towards the sector really brightens up the prospect for the NBFC space to be a growth oriented sector. Their vision to approach and benefit Low Income Sectors and provide Working Capital to Women in rural areas , MSMEs, SMEs & Startups; act as testament to the good prospects in this space.
A well satisfies lot of 3500+ clients show a white signal that the sector is going in the right direction and is becoming inclusive of those at the bottom of the pyramid.
The rate at which they are building a problem solver technology of getting complex results in real time like (Social Score, E-KYC, Human behavior & Credit Bureau CIBIL & Equifax), makes them the emerging and distant leader of this sector. Just like a checkbox, all the Success mantras are being ticked off with ease and in emphatic style, in CashSuvidha.