Internships are often spoken of as a bridge between classroom theories and real-world
applications. For me, this bridge turned into a deep dive—into the vast and vibrant world of
India’s Non-Banking Financial Companies (NBFCs). My project, “Comprehensive Financial
Analysis of RBI-Registered NBFCs in India“, was not just about spreadsheets and reports. It was
an intellectual journey, a technical challenge, and most importantly, a transformative experience.
When I started, I knew NBFCs played an important role in India’s financial structure, but I didn’t
realize just how pivotal they are to financial inclusion, economic resilience, and grassroots
empowerment. Over 9,000 NBFCs, each with different business models, customer segments, and
financial footprints—this was the universe I was about to explore.
A Data-Driven Journey
The first phase of my project was all about digging deep into data—thousands of RBI-registered
NBFCs, financial metrics like revenue, PAT, EBITDA, and capital adequacy. I extracted data
using tools like Private Circle and Traxcn, cross-verified using CIN numbers, and cleaned
massive Excel sheets to get meaningful insights. It felt like assembling pieces of a giant puzzle—
one that, when complete, would tell the story of an entire sector.
Despite the challenges of automation, inconsistent reporting formats, and the occasional stubborn
CAPTCHA, every dataset I cleaned and every ratio I calculated brought me closer to the core of
this financial ecosystem.
Beyond the Numbers: Understanding Impact
What struck me most was how NBFCs, often overshadowed by banks, are quietly transforming
lives. Through gold loans, microfinance, and MSME lending, they bring financial services to
places formal banks hesitate to reach. I came across stories of first-time borrowers, small
business owners, and rural entrepreneurs—all enabled by these financial institutions.
My project wasn’t just a technical audit—it was about seeing how access to credit can reshape
futures.
Trends and Insights
One of the most fascinating aspects was trend analysis. I studied multi-year data where available
and built a competitive mapping framework that categorized NBFCs by size, business model,
and financial health. The rise of fintech-enabled lending, the resilience of gold loan NBFCs, and
the strategic shift of large players under RBI’s new Scale-Based Regulation were just some of
the patterns that emerged.
I also realized how diverse the sector truly is—housing finance companies behave very
differently from microfinance institutions or vehicle loan providers. Yet, they are all part of the
same ecosystem, constantly adapting to regulatory changes and market pressures.
Lessons That Go Beyond Finance
If I had to sum up my biggest takeaway, it would be this: even in a data-heavy domain like
finance, context is everything. Numbers make sense only when you understand the story behind
them. Why is a company’s NPA ratio rising? What does a high capital adequacy ratio mean in a
post-pandemic world? These were the questions that pushed me to think critically, not just
compute blindly.
This internship also taught me the importance of agility—when scraping tools failed, I adapted.
When financial reports didn’t align, I cross-referenced. The real world rarely gives you perfect
data, and it’s the mindset, not just the method, that gets the job done.
Looking Ahead
As I wrap up this experience, I feel more equipped—not just with technical skills, but with
perspective. I now understand how India’s credit ecosystem functions at the grassroots and
strategic level. I’ve developed a newfound respect for the unsung heroes—NBFCs—that make
financial dreams possible for millions.
This wasn’t just a project. It was a window into a complex, evolving industry—and I’m proud to
have been a part of it.