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Mumbai: Non-bank lenders have approached the Reserve
Bank of India (RBI) and sought to extend the MSME recast scheme by more than a year, in light of the fresh surge in Covid cases. NBFCs have told the RBI that since the MSMEs have been unable to revive their business activities, they are in urgent need of financial support.
The RBI had allowed a one-time restructuring of standard MSME advances until December 2020.
“Considering the severe second wave of Covid-19, the MSMEs, as also the retail and wholesale trader industry have not been able to revive their economic activities and are in urgent need of support from the lenders, it will be helpful, if the RBI extends the recast scheme till at least March 31, 2022,” NBFC industry body FIDC said in a letter to RBI Governor Shaktikanta Das.
Magma Housing Finance eyes 20-25% growth in FY22
February 18, 2021
Manish Jaiswal, Managing Director and CEO, Magma Housing Finance. (file photo)×
Magma Housing Finance, which has been growing at nearly 17-18 per cent during the pandemic, is looking to grow by nearly 20-25 per cent in 2021-22, backed by a steady rise in demand.
The company, which is a wholly-owned subsidiary of Magma Fincorp Ltd, is looking to ramp up distribution and introduce a slew of digital initiatives, including artificial intelligence and machine learning, to improve efficiency in terms of customer acquisition and enhance productivity while bringing down costs.
According to Manish Jaiswal, MD and CEO, Magma Housing Finance, the company has reached the pre-pandemic levels of normalcy, both in terms of disbursals and collections. It expects its growth rate to be accelerated moving forward.
For NBFCs, liquidity support tops budget wish list
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Non-bank lender’s have also sought exemption of TDS on interest income. Presently, tax is deducted at source at the rate of 30 per cent by securitisation trust from income payable to an investor who is not an individual.
Non-bank lender’s have also requested that interest income on doubtful assets should be made taxable only in the year of receipt and not “on time basis” as the same is notional in nature, as per Ind-AS accounting system.
Mumbai: Non-bank lenders who held pre-budget consultation meetings with finance minister Nirmala Sitharaman on Tuesday have yet again sought liquidity support from the government and the Reserve Bank of India (RBI). The demands include allowing non-bank lenders to raise liquidity through issuance of “on-tap” secured bonds and non-convertible debentures. NBFCs also want to directly access funds through the on-tap TLTRO scheme of the RBI, a demand which has so