Non-banking financial companies play a crucial role in the financial sector of the Indian economy. They have inherent advantages of a deeper outreach to the public, flexibility in operations, better domain knowledge and feel of the local area. They are better placed to serve the masses in the un-banked areas, particularly in the retail and MSME sector. The total credit of the NBFC sector has already crossed the threshold of Rs. 28 lac crores. The credit intensity of NBFCs, measured by NBFC credit as a ratio of GDP has been rising consistently and stood at 13.7 in 2021 as compared to 8.6 in 2013 -- retail lending forms around 30% of total lending, followed by the MSME sector. Considering the importance of NBFCs as a purveyor of credit, the Reserve Bank of India has strengthened the regulations over a period of time to ensure a robust credit mechanism for this sector. The NBFC software for Lending Businesses, therefore, assumes great i...