RBI Governor Shaktikanta Das has warned non-bank finance companies (NBFCs) to adopt a "compliance first" culture. In his monetary policy speech on October 9, he highlighted that some NBFCs are focusing on growth targets rather than genuine demand, potentially leading to unsustainable business practices. While the overall health of banks and NBFCs remains stable, he expressed concerns over risks in unsecured loans, like those for consumption, microfinance, and credit cards. Das cautioned against a reckless “growth at any cost” mindset, urging NBFCs to carefully evaluate their risk exposure.