Mumbai, June 21 -- Non-banking financial companies (NBFCs) have been in the news since September last year for all the wrong reasons. From defaults to rating downgrades, fears of potential collapse to wild allegations, it's been a prolonged season of misery. This is nothing new for NBFCs: the sector has been through multiple crises, each time throwing up a newer challenge for regulators. And yet, despite all the noise and the overwhelming sense of an impending crisis, the June monetary policy document from the central bank was conspicuously silent on the issue. There are two ways of viewing this. One, the Reserve Bank of India (RBI) wants the market to sort out the mess, with market-based tools. Or, the RBI's studied nonchalance is signalli...