Marching ahead with Responsibility and Growth - Keynote Address [1] delivered by Shri Shirish Chandra Murmu, Deputy Governor, at the 7th NBFC and HFC Summit in Mumbai on September 03, 2026 -

Distinguished guests, leaders from the financial industry, esteemed colleagues from the regulatory fraternity, ladies and gentlemen, very good morning. 2. It is my privilege to address the 7th Edition of the NBFC & HFC Summit. I thank the organisers for inviting me to speak on “NBFCs, HFCs and the New Phase of Growth.” Fewer subjects matter as much to India’s growth over the next decades as this one. India is moving steadily towards Viksit Bharat — a developed India that is economically strong, socially inclusive, and technologically advanced. I believe that a strong and diverse credit system is essential to this goal. Our financial sector is changing fast, driven by technology, new customer expectations, and a national push for inclusive growth. NBFCs and HFCs are no longer on the sidelines of this story. They extend credit to the last mile, reach the underserved, and bring innovation to lending across the country. 3. What will this New Phase of Growth look like? Consider MSME credit. According to various estimates, substantial credit needs of MSME are still not met by the formal lenders today. That gap alone shows the scale of opportunity. There are credit gaps in other segments

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