RBI Ne NBFC Rules Kiye Aasan: Chhote Players Ki Khul Gayi Kismat?

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AuthorAnanya Iyer|Published at:
RBI Ne NBFC Rules Kiye Aasan: Chhote Players Ki Khul Gayi Kismat?
Overview

Bhai log, suno suno! Reserve Bank of India ne NBFCs, khaas kar ke chote players ke liye registration aur branch expansion ke rules ekdum easy kar diye hain. Isse unko apna business badhane mein kaafi help milegi aur sabko credit milna bhi aasan ho jayega, specially tier-2 aur tier-3 cities mein.

Kya Hai Naya RBI Ka Plan?

Dekho, RBI ne February 6, 2026 ko ek bada announcement kiya hai NBFCs ke liye. Ab jin NBFCs ke paas public funds nahi aate aur jinka total asset ₹1,000 crore se kam hai, unko registration karwana compulsory nahi hoga. Yeh matlab hua ki woh old '50:50 rule' khatam ho gaya. Pehle yeh rule tha ki NBFCs apne adhe se zyada assets stocks ya mutual funds mein nahi rakh sakte the aur unki financial income total income ka 50% se zyada nahi ho sakti thi. Ab in rules ke hatne se chote NBFCs par compliance ka bojh kam hoga aur woh apne management ka time aur paisa loan dene par zyada laga payenge.

Is move se Shriram Finance aur Muthoot Finance jaisi badi NBFCs ko bhi fayda ho sakta hai, jo abhi lagbhag 20.5x ke Price-to-Earnings (P/E) ratio par trade kar rahi hain. Sector ki total market cap around ₹27.41 lakh crore hai, jo dikhata hai ki yeh kitna important hai.

Valuations Aur Competition Ka Game

India ki economy bhi mast grow kar rahi hai, 7.4% GDP growth ka estimate hai FY26 ke liye. Is environment mein, NBFCs se loan growth 15-17% tak badhne ka chance hai next do saalon mein. Lekin haan, valuations mein fark hai. Jahaan Shriram Finance aur Muthoot Finance 20.5x P/E par hain, wahin Bajaj Finance jaise leader ko log 33x P/E de rahe hain, aur uska market cap ₹6 lakh crore se bhi zyada hai. Yeh dikhata hai ki investors alag alag companies ko alag nazar se dekhte hain.

Fintech companies bhi NBFCs ko takkar de rahi hain, especially digital loans mein. Par ab co-lending bhi chal raha hai, jisme fintechs NBFCs ki help le rahi hain. Small loans mein toh fintech NBFCs kaafi aage hain. RBI ke yeh naye rules chote NBFCs ko competition mein aur mazboot bana sakte hain.

Future Kaise Dikhta Hai?

Financial Inclusion Index bhi badh kar 67.0 ho gaya hai March 2025 tak. MSMEs, jo economy ke liye bahut zaroori hain, unko bhi credit milna aasan hoga. Capri Global Capital jaisi companies, jo MSME aur housing finance mein hain, unko bhi relief mil sakta hai. Analysts ka kehna hai ki Shriram Finance mein 14.8% tak ka upside aa sakta hai, target price around ₹1146.53 hai.

Lekin haan, loan badhane ke saath risk bhi aata hai. RBI ne pehle November 2023 mein unsecured loans par risk weight badha diya tha. Abhi bhi unsecured lending par focus hai, jo future mein asset quality ke liye problem ban sakta hai. Investors ko dhyan rakhna hoga ki NBFCs credit kaise manage karti hain aur fintechs ke saath kaise compete karti hain.

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