RBI deputy guv flags concerns over quality of disclosures by some NBFCs

RBI Deputy Governor M Rajeshwar Rao, at the Conference of Statutory Auditors and CFOs of Commercial Banks, urged better NBFC disclosures, emphasizing SICR and ECL reporting. Principle-based regulations should reflect economic reality for REs. He highlighted the auditor's role in fostering depositor trust and achieving financial stability through transparent financial statements and robust audit practices.