Summary

The financial sector landscape has changed materially over the past few years with non-banks, both non-banking financial companies (NBFCs) and housing finance companies (HFCs), gaining share in the overall credit pie, even as banks have faced asset quality challenges. Fiscal 2018 is a pivotal year for NBFCs. NBFCs have gone through a period of regulatory transition, most significantly in the recognition of non-performing assets, which culminates this fiscal. The past 12 months have also been eventful as non-banks navigated demonetisation and are now addressing the impact of Goods and Services Tax on their customers and business model. However, with underlying business growth expected to remain steady in key segments, the fortunes of NBFCs are on an uptrend. The performance of HFCs has remained solid over the past few years. While sluggish real estate sales could impact growth in mortgages in the near term, demand fundamentals for housing, especially in the affordable segment, should keep business growth for HFCs at a steady level in the medium to long term.

In this context, CRISIL Ratings invites you to a discussion forum titled, 'NBFCs: Fortunes on the uptrend'.

The forum will have presentations by CRISIL's experts and panel discussions involving industry leaders. It will cover the overall NBFC industry and also focus on the key asset-classes -- housing finance, vehicle finance and wholesale lending.

During the forum, our experts will address topics such as:

• Expectation on the growth trajectory and asset quality of NBFCs
• Way forward for NBFCs- Opportunities and challenges
  
• Outlook on housing finance against the backdrop of sluggishness in the real estate sector
  
• Structural changes in the composition of housing loans
  
• Market growth and asset quality in vehicle finance
  
• Share of NBFCs versus banks in vehicle finance
  
• Evolution and role of wholesale NBFCs
  
• Critical factors supporting the ability of wholesale NBFCs to manage asset quality