Archive · 4 Sep 2026
Murmu Urges NBFCs and HFCs to Diversify Funding
Shirish Chandra Murmu asked non-bank lenders to get money from several different sources.
This can help them remain stable when investors become worried.
He said earlier liquidity problems showed weaknesses in how some lenders managed money coming in and going out.
Some also relied heavily on short-term borrowing from large investors.
Murmu said lenders need stronger governance and better plans for handling financial risks.
He supported building a deeper corporate bond market so lenders have more ways to raise money.
He also said securitisation can help transfer risk and free up capital if it is transparent and lenders keep some risk.
NBFCs are becoming important specialist lenders for areas such as housing, vehicles and infrastructure.
RBI Deputy Governor Shirish Chandra Murmu urged NBFCs and HFCs to diversify their funding sources.
He said past liquidity stress exposed weaknesses in asset-liability management and reliance on short-term wholesale funding.
Murmu called for stronger governance and liquidity-risk management to reduce vulnerability to market-sentiment shifts.
He backed a deeper corporate bond market and broader securitisation with transparency and risk-retention safeguards.
NBFC credit reached 16.7% of nominal GDP and 27% of scheduled commercial bank credit, he said.
- Who
- Reserve Bank of India Deputy Governor Shirish Chandra Murmu, speaking to non-banking finance companies and housing finance companies.
- What
- Murmu urged NBFCs and HFCs to diversify funding and strengthen governance, liquidity-risk management and asset-liability management.
- When
- Thursday, at the CII NBFCs & HFCs National Summit 2026.
- Where
- Mumbai, at the CII NBFCs & HFCs Summit.
- Why
- To reduce vulnerability to liquidity shocks, market-sentiment shifts and concentrated reliance on short-term wholesale funding.
- Speaker
- Reserve Bank of India Deputy Governor Shirish Chandra Murmu
- Audience
- Non-banking finance companies and housing finance companies
- NBFC credit share of nominal GDP
- 16.7%, up from 15.9% a year earlier
- NBFC share of scheduled commercial bank credit
- 27%, up from 26%
- Funding recommendation
- Diversify funding sources and strengthen liquidity-risk management
- Market development
- Build a deep, liquid corporate bond market
- Securitisation safeguards
- Use proper skin-in-the-game and transparency rules
