Loan restructuring: FIDC seeks clarity from RBI on relief measures
May 14, 2021
FIDC said that NBFCs are very small and do not have a well developed website - HAKINMHAN
FIDC said that NBFCs are very small and do not have a well developed website - HAKINMHAN×
Seeks moratorium up to an additional three years The Finance Industry Development Council (FIDC) has written to Reserve Bank of India Governor Shaktikanta Das seeking more clarity and highlighting residual issues in the NBFC sector after the announcement of relief measures for loan restructuring on May 5.
“To clarify or permit restructuring of such MSME accounts, which had been restructured under Restructuring Framework 1.0 and increasing the period of moratorium and/or extending the residual tenor up to a total of two years for MSMEs, along the same lines as the support provided to individuals and small businesses,” said the representation by FIDC, which is the representative body of assets and loan financi
Maintain business resilience, manage risks wisely: RBI Guv tells NBFCs
Das advised the NBFCs and MFIs to pay focussed attention to strict adherence to fair practices code, improve customer grievance redress mechanism and strengthen their IT systems
BusinessToday.In | May 3, 2021 | Updated 18:14 IST
Reserve Bank of India Governor Shaktikanta Das urged non-banking financial companies (NBFCs) and microfinance institutions (MFIs) to stay true to supervisory expectations regarding maintaining their business resilience and managing risks prudently. Talking to managing directors and chief executive officers of select NFCs and MFIs, he acknowledged their role in providing credit to grassroot level.
Das advised the NBFCs and MFIs to pay focussed attention to strict adherence to fair practices code, improve customer grievance redress mechanism and strengthen their IT systems in the interest of the institutions and their customers , RBI said in a statement on Monday.
“No one is sure how the month of May will pan out,” said the source.
Amitabh Chaudhry, Managing Director and CEO, Axis Bank had said at the fourth-quarter results that he expects collections to be impacted in coming weeks due to the local lockdowns though they have been strong in the initial weeks of the fiscal year.
Yes Bank MD and CEO Prashant Kumar also said that till April 15, collection efficiency for the lender was at 96 per cent, but there would be some impact after that though data is not available.
The Finance Industry Development Council recently requested the RBI for restructuring stressed retail and individual borrowers of NBFCs whether or not they had sought it earlier.
Implement norms for statutory auditors in next fiscal
The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to implement the new norms regarding appointment of statutory auditors by banks and NBFCs in the next financial year.
| 29 April 2021 4:29 AM GMT
MUMBAI: The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to implement the new norms regarding appointment of statutory auditors by banks and NBFCs in the next financial year.
The guidelines for appointment of Statutory Central Auditors and Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies) which were released on Tuesday would become applicable from the current financial year (2021-22).
RBI will take a decision on debt restructuring soon - आरबीआई कर्ज पुनर्गठन का जल्द फैसला लेगा livehindustan.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livehindustan.com Daily Mail and Mail on Sunday newspapers.