Fintech firms chase NBFC licences as RBI rules tighten, turning survival into a licensing race for margins

Licences can unlock higher margins beyond bank partnerships

As RBI regulations tighten, fintech companies are scrambling to secure or pursue NBFC licences. For many players, the licence is more than compliance—it’s a survival lever and growth pathway. Direct lending can deliver higher margins than simply providing technology to banks or existing NBFCs, reshaping competition and strategy across the sector.