The Reserve Bank of India (RBI) has cautioned non-banking financial companies (NBFCs) about crossing regulatory boundaries, with a specific focus on their rising unsecured retail lending. RBI Governor Shaktikanta Das's recent comments after the monetary policy meeting have sparked concerns across the financial sector. Banks may reconsider their exposure to NBFCs with high unsecured credit, while private equity investors are already questioning such risks. Rating agencies are also reviewing shadow banks, particularly those with a large portion of unsecured loans on their balance sheets.