Shriram Finance, Mahindra Finance, L&T Finance and HDB Financial Services have flagged geographically-concentrated risks in their September-quarter earnings calls, particularly in drought-affected parts of western and southern India. Mumbai: Non-banking financial companies (NBFCs) are turning cautious on rural lending as deficient monsoon rainfall and El Nino-related drought risks threaten farm incomes, consumption and borrowers’ repayment capacity, prompting lenders to tighten monitoring and moderate disbursements in vulnerable regions.