Lenders knew it was coming. But here’s the twist: they’re not fighting the ban. They’re asking for smart exemptions. Secured lending? Supply chain finance? These are vital for SMEs and shouldn’t be lumped with consumer credit cards. RBI’s real goal? Forced financial discipline. Revolving credit blurs lines; like a credit card without oversight. It hides repayment behavior and risks liquidity crunches. NBFCs now must rethink how they fund and manage risk. The industry’s plea? Don’t throw the baby out with the bathwater. Let responsible, collateral-backed revolving credit live. Because starving small businesses of flexible funding? That’s not stability; it’s collateral damage.