The Economic Times | A Times Internet Limited product
Representatives from NBFCs and housing finance companies Wednesday met Prime Minister Narendra Modi here and gave suggestions on how to 'revive' the sector facing liquidity issues, especially after debt defaults by crisis-hit IL&FS..
The Economic Times | A Times Internet Limited product
Representatives from NBFCs and housing finance companies Wednesday met Prime Minister Narendra Modi here and gave suggestions on how to 'revive' the sector facing liquidity issues, especially after debt defaults by crisis-hit IL&FS.
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The Reserve Bank of India today issued a draft circular on liquidity risk management for NBFCs.
'The circular on the “Liquidity Risk Management Framework for Non-Banking Financial Companies (NBFCs) and Core Investment Companies (CICs)” to be adopted by all deposit taking NBFCs; non-deposit taking NBFCs with an asset size of Rs 100 crore and above; and all CICs registered with the Reserve Bank,' RBI said in a press release.
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Watch RBI issues notification on NBFC liquidity framework With HD Quality
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Congress Vice President Rahul Gandhi on Saturday interacted with rickshaw pullers in Uttar Pradesh's Varanasi. Speaking to a number of rickshaw pullers, Rahul Gandhi said that 'our intention is to build a strong base to live for the poor.' Some rickshaw pullers even demanded rickshaw stands that were present during Indira Gandhi's time. Rahul Gandhi patiently listened to the issues of the rickshaw pullers and offered all possible help to solve it.
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To tackle the liquidity issue generated by the IL&FS fiasco, IFC decided to launch $1 billion Masala Bonds, of which about $100 million as immediately subscribed on the London Stock Exchange. The money was then used to finance NBFCs that provided funds to MSMEs in the country. Watch now.
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Watch How IFC's 'Masala Bonds' helped tide over IL&FS liquidity crisis | ETRise With HD Quality
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NBFCs are emerging as an alternative to mainstream banking. Besides, they are also emerging as an integral part of the Indian Financial System and have commendable contributions towards the Government's agenda of financial Inclusion. They have been providing credit to retail customers in the underserved and unbanked areas.
However, the NBFC sector is expected to clock loan growth of 7-8% in the current financial year (FY22). NBFC in the India sector is playing a critical role in the development of Core infrastructure, transport, employment generation, wealth creation, economic development of the weaker sections in India. On the other hand, gross non-performing assets of NBFCs are likely to rise, following the Reserve Bank of India's (RBI) move to tighten the NPA norms in November 2021.
NBFC have played a key role in the development of important sectors like Road Transport and Infrastructure which are the life lines of our economy. NBFCs have been supplementing the role of the organized banking sector by bridging the credit gaps.
The growth of NBFCs in India has scaled substantial progress and has diversified their activities up to a large extent. Various funding arrangements entered by non-banking financial companies are set to come under scrutiny of auditors with effect from FY22 audit.
Secondly, as per the Enforcement Directorate, A number of fintech companies and NBFCs 'backed by' Chinese funds have generated proceeds of crime worth more than Rs 940 crore by indulging in predatory lending activities and violating RBI guidelines while operating in India.
They are not covered under the financial and state financial regulation. The RBI announced a small-scale-based framework for NBFC with effect from Oct 22, 2022. The new framework comprises capital requirements, governance standards, prudence regulation, and other similar criteria. Experts predict that FY23 could be a year of normalcy in disbursement
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“High-risk debt fund categories are not the only solution for investors. Investors can diversify across both riskier credit risk funds as well as safer products in the market” says R Sivakumar, Head- Fixed Income, Axis Mutual Fund.
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Watch Post NBFC setbacks; here’s how to choose a good debt mutual fund With HD Quality
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NBFC (Non-banking finance corporations) have seen a 31% fall in credit disbursal. Which are the sectors that are taking the hit and is there a chance of revival?
Saloni Shukla of The Economic Times explains.
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Watch NBFC credit falls: Impact and way forward With HD Quality
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Underlining the sharp turnaround in the NPA cycle after over four years with the dud assets pile going down to 9.3 percent, the Reserve Bank has said despite the recent setbacks, the nation's financial system 'remains stable'.
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