Reserve Bank of India Deputy Governor Shirish Chandra Murmu on Thursday told non-banking finance companies and housing finance companies to diversify their funding sources. “Past liquidity events have shown how exposed NBFCs and HFCs can be to shifts in market sentiment and funding concentration. Strong liquidity risk management is not optional. Recent episodes in some advanced economies are reminder of this. Entities must diversify their funding sources,” Murmu said at the CII NBFCs & HFCs National Summit 2026.