Shri K. M. Mani inaugurates ‘Kerala Non-Banking Finance Companies’ Annual Meet

Kochi, 6^th June, 2013 :

Kerala Non-Banking Finance Companies(KNBFC), the welfare association formed by Reserve Bank of India authorized Non-Banking Finance Companies with their registered offices in Kerala, held this year’s annual meet today in Kochi. The Annual Meet was inaugurated by Shri K. M. Mani, Hon’ble Minister for Finance, Govt. of Kerala. The event was also graced by Mr. Shreedhar Prasad, Director, Risk consulting at KPMG, Mr. Thomas George Muthoot, Chairman of KNBFC, Mr. Kurian C George, Vice Chairman, KNBFC and other eminent representatives of other NBFCs in Kerala.The Annual Meet mainly focused on the various risks as well as governance challenges that are faced by the NBFCs in the current scenario and how a proactive approach towards compliance can help minimize these risks.

Speaking on the occasion, Mr. Thomas George Muthoot, Chairman of KNBFC said, "Over the years the NBFC Sector has not only grown in size, but also in terms of interconnectedness and systemic importance. Most of the NBFCs enjoy huge credit lines with the Banking system. Hence it is very essential that the NBFCs should function in a systematic and healthy manner contributing to the financial stability of the economy of our Country. Therefore, the need for adequate control over the NBFCs should not be overstated. NBFCs strictly abide by the rules prescribed by the Government and the RBI and we will continue doing our business in a fair manner" . During the meet Mr. Shreedhar Prasad, Director, Risk consulting at KPMG discussed about the Risks and governance challenges in the current NBFC landscape.

Kerala Non-Banking Finance Companies welfare association (KNBFC) is registered with the Registrar of Societies under the Travancore Cochin Literary, Scientific & Charitable Societies Registration Act, 1955 has been formed by Reserve Bank of India authorized Non-Banking Finance Companies. The main objective of the association is to work towards bringing discipline amongst its members by enforcing a model code of conduct, presenting a unified interface for the sector in Kerala and to protect and promote the interests, rights and privileges of the members. The association provides a forum for the Non-Banking Finance Companies of Kerala to meet and discuss matters of common interest and to evolve common program. Any RBI authorized Kerala based Non-Banking Finance Companies can be member of this association whereas the other registered NBFC’s based out of Kerala will be eligible for associate membership.