There are also no regulations on connected lending for NBFCs. 4. NBFCs today have grown considerably in size, form and complexity and operations in a variety of market products and instruments, technological sophistication, entry into areas such as payment systems, capital markets, derivatives and structured products.
Some of the NBFCs are operating as conglomerates having business interests spread to sectors like  BIS central bankers’ speeches  1  insurance, broking, mutual fund and real estate. The inter-connectedness with other financial intermediaries has increased with increased access to public funds through NCDs, CPs, borrowings from banks and financial institutions.