Non-banking financial companies, or NBFCs, are financial institutions that provide banking services, but do not hold a banking license. With our economy that holds growth opportunities in abundance, NBFCs success rate is something that knows no bounds.
The economy has been positively affected by such companies since last decade with growth in leaps and bounds from 8.4% in 2006 to above 14% in March 2015. Their contribution is worth noticing. Talking in terms of financial assets, if records are to be quoted, a healthy growth has been accomplished with compound annual growth rate (CAGR) of 19% over the past few years that comprises 13% of the total credit and is expected to reach nearly 18% by 2018–19.
When Reserve Bank of India (RBI) came out with its Financial Stability Report (FSR), it stated that NBFC loans has expanded 16.6% in the year, twice as fast as the 8.8% credit growth across the banking sector on an aggregate level.
The report also said that the aggregate balance sheet of the NBFC sector has expanded 15.5% in fiscal 2016 compared with 15.7% the previous year. RBI’s study covered the 11,682 NBFCs that were operating as of March 2016.
What contributes to the commendable success of NBFCs is not one but many factors. It is 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. With all this and much more, the industry is not ready 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.
CashSuvidha, which is a trade name of Usha Financial Services Pvt. Ltd., is one such NBFC with digital platform that is breeding this growth.
This RBI regulated NBFC is determined to revolutionise the NBFC sector by providing hassle free loans at competitive rates of interest. The company’s future plans orbiting this sector really increase the chances to turn this sector into a growth oriented one.
This online lending platform is planning to eye the Low Income Sectors and benefit them by providing Working Capital to Women in rural areas, MSME’, SME’s & Startups; act as testament to the good prospects in this space. Over 3500+ satisfied customers serve as a proof that the sector is indeed walking on the right path.
Surely, the people at work have a huge role to play in this. The team and the teamwork at CashSuvidha are already stepping up their game being completely focused on their goal under the leadership of Mr. Rajesh Gupta and Mr. Anoop Garg who are said to be pro at their work having more than 20 years of man experience in various business fields.
The company’s constant efforts, dedication and hardwork are together making them come out as a distant leader of this sector while building up a problem solving technology of getting complex results in real time like (Social Score, E-KYC, Human behavior & Credit Bureau CIBIL & Equifax).
After all this, we have only three words for CashSuvidha : KEEP. IT. UP.
Log on to their website to know more: www.cashsuvidha.com