The debacle of large non-banks like IL&FS, Dewan Housing Finance, Reliance Capital, and SREI has created a very challenging environment for the Rs 35 lakh crore NBFC sector. In the last few years, the RBI has been tightening the regulatory framework for NBFCs, which is narrowing the gap with banking regulations. The sector recently saw the biggest merger & acquisition --the housing finance major HDFC Ltd merging with HDFC Bank Ltd. Is the NBFC sector going to shrink? In fact, there are also new players with a war chest from Piramal, Poonawalla, and Godrej making a grand entry. Fintechs are also creating a space for themselves. What is in store for the sector? In this episode Business Toady’s Editor, Sourav Majumdar and Managing Editor Anand Adhikari talk to Ramesh Iyer, Vice-chairman & Managing Director of Mahindra Finance,a rural focussed NBFC, with them to answer some of these questions. Take a look.