RBI Conference on Strengthening Large NBFCs Held in Chennai

The Reserve Bank of India (RBI) hosted a conference for large-sized Non-Banking Financial Companies (NBFCs) on March 28, 2025, in Chennai. The event was attended by Chairpersons of the Audit Committee of the Board (ACB), MD & CEOs, and Statutory Auditors of various NBFCs. Under the theme “Shared Vision, Shared Responsibility: Strengthening the NBFCs,” the conference aimed to reinforce regulatory supervision and address key industry concerns.

Key Highlights of the Conference

Participation & Attendees

• Over 200 participants, including senior executives and auditors from the NBFC sector.
• Addressed by RBI Deputy Governor Shri Swaminathan J and ICAI President Shri Charanjot Singh Nanda.
• Executive Directors from RBI’s Regulatory, Supervisory, and Enforcement functions participated.

Key Discussions & Messages

• NBFCs’ vital role in the financial ecosystem was emphasized.
• Risk-taking should remain within the entity’s risk absorption capacity.
• Adoption of fairness in lending and grievance redressal was stressed.
• Auditors were urged to uphold audit rigor, objectivity, transparency, and ethics.

ICAI’s Perspective

• ICAI President highlighted the need for Chartered Accountants to maintain trust and adapt to technological advancements in auditing.

Technical Sessions & Panel Discussions

• Presentations on regulatory concerns and expectations from NBFCs.
• Session on data analytics in auditing.
• Panel discussion on emerging issues and challenges under Ind AS.

Interactive Session

• Senior RBI officials engaged with participants, addressing their queries and concerns.