<h1>Strengthening Assurance Functions in NBFCs Essential for Sustainable Growth Amid Rapid Expansion and Tech Advancements.</h1> The Deputy Governor of the Reserve Bank of India addressed the importance of robust assurance functions in Non-Banking Financial Companies (NBFCs) for sustainable growth. Emphasizing the critical roles of risk management, compliance, and internal audit, he highlighted the rapid growth of NBFCs in India's financial sector and their technological advancements. Key risks identified include cybersecurity threats, reliance on rule-based credit models, and liquidity issues. The Deputy Governor urged NBFCs to strengthen governance structures, ensure independence of assurance functions, and maintain transparency in customer dealings to enhance resilience and safeguard stakeholders' interests.