NBFCs have lost market share to PSU banks, which have become more aggressive. According to M Ramaswamy, chief financial officer at Sundaram Finance, banks are flush with liquidity and can bring down rates.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/nbfcs-lose-car-loan-market-share-on-rate-war-by-psbs/articleshow/79256232.cms
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