STOCK MARKET BSE NSE

NBFCs must lend funds received from banks to customers to fuel growth: MoS Finance Anurag Thakur

He also said that NBFCs have to play a very important role in reaching the USD 5-trillion-economy mark.

Published: 17th October 2019 09:12 PM  |   Last Updated: 17th October 2019 09:12 PM   |  A+A-

MoS Finance President Anurag Thakur

MoS Finance Anurag Thakur (File photo| PTI)

By PTI

NEW DELHI: In order to help India fuel its economic growth, non-banking financial companies (NBFCs) must sub-lend the money they get from banks to their customers, Minister of State for Finance Anurag Singh Thakur said on Thursday.

"There is a need for further transmission of the credit from NBFCs to the industry especially by micro, small and medium enterprise (MSME) sector. I have spoken to the banks and requested them to ensure faster and greater disbursement of credit to ensure liquidity in the hands of NBFCs," said Anurag Thakur at an ASSOCHAM NBFC event here.

"Having said that, I expect NBFCs to lend money that is received from banks because we take the feedback from the ground as well. So, my humble request is that money you receive, lend that money and help the government to achieve our target and revive this cyclical downturn," Thakur said.

ALSO READ| RBI not looking at liquidity facility for NBFCs, says Dy Governor NS Vishwanathan

Talking about the recently-held loan melas across 250 districts in the country, he said not many NBFCs were spotted there, which prompted him to reach out to the finance secretary to convey that it was very important to have NBFCs on board as they play a crucial role in the nation building process and in the growth of the economy.

"To reach the USD 5-trillion-economy mark, NBFCs have to play a very important role," he said adding that the industry needs to have right perception and sentiment in the market as he sought the help of the MSME sector in reaching out to the common man, and fuel country's economic growth.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp