In alignment with the evolving growth-inflation dynamics and continued challenges in the global economy, we welcome the RBI’s prudent decision to maintain status quo on the repo rate and its stance on ‘withdrawal of accommodation’. We are encouraged by the resilience of the Indian economy, and further RBI’s increased projection on GDP growth at 7.2%, up from 7%. Against the backdrop of a favorable forecast of above-normal southwest monsoon, boost in investment activity and revival in rural demand, we remain optimistic on demand for credit through gold loans, MSME loans, microfinance and housing loans. We were also glad to witness the resilient performance showcased by the Indian financial ecosystem backed by improvement in asset quality, enhanced provisioning for bad loans, sustained capital adequacy and rise in profitability. Such recognitions encourage NBFCs like us to boost our growth multi-fold.
The other important aspect touched upon by MPC today was safeguarding consumer interest through guidelines on Key Facts Statement (KFS). We believe that the proposed Digital Payments Intelligence Platform by RBI to curb and mitigate growing digital payment frauds and continue to protect customers’ confidence in the Indian financial system is a very progressive step. As a trusted and compliant NBFC, we have taken proactive steps to strengthen our digital platforms to focus on cybersecurity and fraud detection so as to provide a safe and secure environment for our customers.
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