A robust banking and
financial sector is critical for facilitating higher economic growth. Financial intermediaries
like NBFCs constitute a significant element of the
financial system organization and have penetrated into those areas where banks did not dare by taking both the operational and regulatory risks. Boom-Mushroom-Doom-Zoom, four words in a sequence tell the entire story of
performance of Indian NBFCs during the past one and a half decade. To give industry much needed boost, service tax should be done away. Special cells within the courts be set up to disposal of cases because justice delayed is justice denied. The expressions hire purchase/leasing/hypothecation should be well defined with their characteristics.