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Data Security Compliance for NBFCs
Non-bank financial institutions (NBFIs) or non-bank financial companies (NBFCs) have been an integral part of the Indian financial system. These are financial institutions that do not have a banking license or regulated by an agency but can still carry out financial services ranging from asset finance, investment, loans, infrastructure finance and much more. They complement the banking sector by connecting the vast unbanked segments of the society, especially small and medium enterprises (MSMEs). NBFCs have seen great growth in the last few years. According to a report from The Associated Chambers of Commerce and Industry of India (ASSOCHAM), their contribution to the economy grew from 8.4% in 2006 to above 14% in March 2015. NBFCs also recorded a compound annual growth rate (CAGR) of 19% over the past few years.
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