Non-banking financial institutions have been an important part of the Indian financial system with 16% share of the total credit.

''They have grown at a rapid pace and gained market share in various asset classes courtesy of inherent strengths such as quick disbursement process, focused approach on asset classes and increase in geographical reach,'' said CRISIL Research.

''They have grown through various strategies and, in the process, have acquired niche skills specific to various domains,'' it added.

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