Should NBFCs Merge Too?: Top Finance Leaders Weigh In On Sector’s Next Big Shift

At the BT Banking and Economy Summit, Shailendra Bhatnagar speaks exclusively with Gunit Chadha, Founder of APAC Financial Services, and Sudipta Roy, MD & CEO of L&T Finance, on the evolving landscape of India’s financial sector. The discussion focuses on PSU bank mergers and whether similar consolidation could reshape the NBFC space. Roy highlights that NBFCs have outpaced banks in credit growth, playing a critical role in expanding retail lending and serving new-to-credit customers. Both leaders stress the need for a balanced ecosystem of specialized and diversified NBFCs, while acknowledging that gradual consolidation and structural evolution are likely as the sector matures.