Reserve Bank of India Deputy Governor S C Murmu on Thursday urged non-banking financial companies (NBFCs) to use artificial intelligence and machine learning to detect early signs of borrower stress, as rapid credit growth increases the need for stronger risk management.
Addressing the 7th CII NBFC and HFC Summit, Murmu said NBFCs and housing finance companies (HFCs) have evolved from alternative lenders into specialised, technology-driven institutions that complement banks by serving underserved segments, remote areas and niche markets.
