That’s how fintech lender RedCarpet’s founder Sandeep Srinivasa described the situation India’s non-bank lenders are in today.
Srinivasa was referring to the pivotal moment in World War II, when the allied forces stunned Germany by invading Normandy, France. He sees non-banking financial companies (NBFCs) playing the role of the allied troops in the battle against the economic slowdown. They need to be armed to fire up the economy. But instead, they are at risk of being cannon fodder, with banks being prioritised.
“NBFCs have to make their way into a new post-Covid world without air support from banks and regulators,” said Srinivasa.