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NBFCs, HFCs seek Rs 14,000 crore financial help

The scheme was launched on July 1 for stressed NBFCs and HFCs whose financial health deteriorated further due to the Covid-19 crisis.

Published: 26th July 2020 12:36 PM  |   Last Updated: 26th July 2020 12:36 PM   |  A+A-

Rs 2000

For representational purposes (File Photo | Reuters)

By Express News Service

NEW DELHI:  Stressed non-banking financial companies and housing finance companies have sought financing requests worth Rs 14,000 crore under the Rs 30,000-crore special liquidity scheme, the finance ministry said. 

“As on July 23, five proposals involving an amount of Rs 3,090 crore have already been sanctioned. Further, 35 more applications have been received seeking financing up to Rs 13,776 crore, which are under process,” the ministry added.

The scheme was launched on July 1 for stressed NBFCs and HFCs whose financial health deteriorated further due to the Covid-19 crisis.

The Reserve Bank of India has provided funds via government guaranteed special securities issued by a trust set up by SBI Capital Markets Ltd. The scheme is being implemented by SLS Trust, the special purpose vehicle set up by SBICAP.

“Any NBFC including microfinance institutions registered with RBI under the Reserve Bank of India Act, 1934 (excluding those registered as core investment firms) and any HFC registered with the National Housing Bank under the National Housing Bank Act, 1987, complying with certain specified conditions are eligible to raise funding from this faciliyu,” it said. The special scheme will remain open for three months.


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