Job losses mount in NBFC sector, a major recruiter, as lending plummets

Sector has accounted for a major share of hiring in recent times

The office of a non-banking finance company (NBFC) in Bandra, Mumbai, wears a near-deserted look. There are only a few customers in the room, and the lone executive at the service desk tells you that the company has stopped giving new loans. There has been a number of internal transfers, some employees have been asked to 'take a break’, and the branch has seen its sales staff whittled down by over 75 per cent, he says.

The situation is no different at the lender’s Vashi branch in Navi Mumbai. Other than two security personnel, the office has just one person