The Reserve Bank of India (RBI) is not ready to offer a special lending window to stressed non-banking finance companies(NBFCs).The RBI may have to provide liquidity to all the NBFCs approaching it for funds if such a special window is opened.
NITI Aayog has made a strong case before RBI for a special lending window for NBFCs to tide over a cash crunch in the wake of IL&FS crisis which has made banks wary of funding the sector.
IL&FS is an infrastructure finance company registered with the Reserve Bank of India as a ‘Systemically Important Non-Deposit Accepting Core Investment Company’.IL&FS has run out of money and therefore has been unable to service its repayment obligations which led to a series of defaults on loans,debentures and commercial papers.
However,the RBI has said that not all the NBFCs are stressed and it is only a few that are highly leveraged due to aggressive lending in the past.
Further,RBI is wary of opening a special lending window given that the NBFCs had lent to weaker companies including several in the stressed real estate sector.
NBFCs have been making a case for a bailout arguing that the fund crunch in the market is impacting consumer demand which is visible in declining auto sales and consumer loans.
An NBFC is a company registered under the Companies Act, 1956.It engages in the business of (a)loans and advances (b)acquisition of shares /stocks/ bonds/ debentures/securities issued by Government or local authority or other marketable securities of a like nature leasing and (c)hire-purchase,insurance business,chit business.
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