Owing to liquidity crisis, NBFCs are forced to reduce lending, leading to funding constraints for borrowers relying on non-bank lenders.
The documents of nine persons, who had applied for loans earlier, were forged by Sashikant.
While the original plan was to replicate something like the US Troubled Asset Relief program, the finance ministry now plans to set up a fund to buy out stressed assets held by NBFCs.
In separate statements, the exchanges said Aditya Birla Finance is the first company to list its commercial paper with value date of November 28 and maturity date on February 7, 2020.
The central bank is authorised to appoint an administrator as well as an advisory committee that will oversee the resolution process.
The entire vehicle process under Tatkal service is automated and includes minimal interface with easy documentation for customers with good credentials, the company said.
The government is considering a provision for special window for resolution of stressed NBFCs under the IBC.
David Malpass met PM Narendra Modi and both discussed financial sector reforms and ways the sector can move forward in India.
Sectors such as auto and real estate have been particularly hit by NBFC credit squeeze and the flow of new lending from NBFCs crashed 60 per cent between April and September 2019.
We assume that 30 per cent of banks’ NBFC exposure becomes non-performing.
He also said that NBFCs have to play a very important role in reaching the USD 5-trillion-economy mark.
She said the fall in consumption is responsible for a third of the overall dip in overall growth, with the global slowdown coupled with funding constraints.
The fallout from the shadow finance crisis becomes more serious after Indiabulls is denied a lifeline by the Reserve Bank of India.
RBI said there will be revamp of its regulatory and supervisory structure and creating a specialized cadre for this.
The company said the licence has been received through the subsidiary of its parent company Datasigns Technologies.