In conclusion, may I emphasize that framing regulations is a public policy function and it retains a long term perspective; though there may be some short term setbacks, the revised prudential regulations as detailed so far, including the strengthening of core capital, governance standards and disclosures, will strengthen the NBFC sector, make it more resilient to economic downturns, lower systemic risks and enhance stakeholder confidence.
Overall the Reserve Bank is confident that the recent regulatory changes will have a salutary effect on financial stability in the long run. It is hoped that these and other forthcoming changes in the pipeline, will further strengthen the robustness of significantly important NBFCs and allow them and other NBFCs to operate in an enabling regulatory environment. 38. 10  Thank you.