India is planning to set 75 digital banks and NBFCs this year, Sitharaman

7. India is planning to set 75 digital banks and NBFCs this year, Sitharaman

The government of India is planning to start up 75 digital and non-banking financial companies (NBFCs) to make sure the business community in the lending system is not affected even in extraordinary circumstances, said Nirmala Sitharaman. She was speaking at the Washington DC-based annual spring meeting of the International Monetary Fund and the World Bank.

“Bad loans and provisioning cost a lot of money. We must continue to instill money in banks. Several of them have been brought together. The Reserve Bank of India has also been quick to establish ‘digital-only’ NBFCs.  We’re also in the midst of establishing digital banks, with 75 planned for this year.’ Sitharaman.

In terms of inflation, she stated that India had surpassed the top limit of 6%, but that it had done so “not that hardly”.

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