Reserve Bank of India (RBI) Governor Shaktikanta Das has urged non-banking financial companies (NBFCs), including housing finance companies (HFCs), to enhance their governance standards and assurance mechanisms. In a meeting with the MD & CEOs of selected large NBFCs, government NBFCs, and HFCs, the Governor emphasized the need for strong compliance, risk management, and internal audit practices. While acknowledging their role in providing credit to underserved areas, Das cautioned against complacency during favorable times. Discussions also covered diversifying resources to reduce reliance on bank borrowings, managing risks associated with high credit growth in the retail segment, and prioritizing IT system upgrades and cybersecurity.