History of India’s NBFCs: 70 Years Of Potholes And Repair Work

New piece in Bloomberg Quint.

I explore how NBFCs and its regulation have evolved over the years in India.

It is useful to get opportunities with BQ to write on various aspects of Indian financial history. One learns a lot writing these pieces.

The pieces written so far:

• RBI Governors And The IAS: A Long History: RBI has a long history of governors coming from the civil service. They have been in the chair for 60% of RBI’s functioning days.
• There Was Once An IDBI: Lessons from IDBI will help us design new institutions better and avoid making the same mistakes.
• Banks That Are No More: From Tagore’s Union Bank To Shetty’s Vijaya Bank: India’s banking past is full of big names with big promoters starting banks amidst euphoria only to decline quickly thereafter.
• When RBI Played Angel Investor To India’s Early Financial Institutions: How RBI played venture capitalist for most of India’s key public finance institutions.
• NBFCs: 70 Years Of Potholes And Repair Work: NBFCs have emerged and evolved to fill the gaps left by banks. In that lies a regulatory dilemma.

Earlier pieces for Mint on Sunday (which was suddenly stopped):

• The rise and fall of TNQ bank
• Banking crises: An Indian history
• What’s in a name? Ask banks.
• Before Thaler there was Pai
• How banks migrated during Partition
• The forgotten history of banking in Thrissur
• When Bombay overtook Calcutta: A history of India’s financial geography

Hope many more to come…