{"id":108231,"date":"2018-12-26T22:00:50","date_gmt":"2018-12-26T22:00:50","guid":{"rendered":"https:\/\/www.bnreport.com\/nbfc-hfc-heads-meet-modi-over-liquidity-issue\/"},"modified":"2018-12-26T22:00:50","modified_gmt":"2018-12-26T22:00:50","slug":"nbfc-hfc-heads-meet-modi-over-liquidity-issue","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/nbfc-hfc-heads-meet-modi-over-liquidity-issue\/","title":{"rendered":"NBFC, HFC heads meet Modi over liquidity issue"},"content":{"rendered":"

NEW DELHI: Representatives from NBFCs and housing finance companies Wednesday met Prime Minister Narendra Modi<\/a> here and gave suggestions on how to "revive" the sector facing liquidity issues, especially after debt defaults by crisis-hit IL&FS.<\/p>\n

IL&FS group has defaulted on a series of debt repayments, raising concerns that default by a large non-banking finance company (NBFC<\/a>) like IL&FS would create liquidity crunch in the financial market.<\/p>\n

"We had a meeting with Prime Minister (Narendra Modi) primarily to brief on challenges faced by NBFCs as well as housing companies.<\/p>\n

"After the IL&FS crisis, the government has taken many positive steps but as an industry, through Assocham, we were trying to give a message that those steps were not enough, and accordingly, we had to bring it at the highest level," Assocham<\/a> President B K Goenka told reporters after the meeting.<\/p>\n

He said the prime minister assured that the government would take all necessary measures to address the industry concerns.<\/p>\n

The government is positive about the situation and the sector should see some positive outcomes in the coming days, Goenka said.<\/p>\n

Banking Secretary Rajiv Kumar was also present at the meeting, he said.<\/p>\n

"Today, the problem is risk aversion, because of one failure, people don't want to lend to NBFCs and HFCs (housing finance companies)," he said, in an apparent reference to IL&FS.<\/p>\n

"So, whatever repayments are coming, they are going to repay the existing loans. Therefore, the growth has virtually come to a halt in the last few months in this sector. In order to open that up, you need to bring in confidence," said Srei Infra Finance Vice-Chairman Sunil Kanoria, who was also part of the meeting.<\/p>\n

During the meet, Assocham suggested that systemically-important NBFCs must be allowed to accept public deposits, and to revive HFC<\/a> lending, especially towards individual home loans, they should be permitted access to National Housing Bank's refinance facility.<\/p>\n

Towards this, HFCs should be given time till December 2020 to comply with the requirement that individual home loans should be more than 50 per cent of their assets.<\/p>\n

It has also demanded that the Reserve Bank of India provide a liquidity window for NBFCs\/ HFCs against sale of secured loans by taking appropriate margin on these secured loans, maybe at a higher rate, to help restore confidence in the sector.<\/p>\n

Others present in the meeting with the PM include Indiabulls Group Chairman Sameer Gehlaut, DHFL Chairman Kapil Wadhavan, L&T Finance Managing Director Dinanath Dubhashi, Sriram Trans & Finance MD Umesh Revankar, Finance Industry Development Council Chairman Raman Agarwal, and Aditya Birla Capital Chief Executive Officer Ajay Srinivasan.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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NEW DELHI: Representatives from NBFCs and housing finance co..<\/p>\n","protected":false},"author":1,"featured_media":108232,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-108231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nNBFC, HFC heads meet Modi over liquidity issue - Business News Report<\/title>\n<meta name=\"description\" content=\"NEW DELHI: Representatives from NBFCs and housing finance co..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/nbfc-hfc-heads-meet-modi-over-liquidity-issue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBFC, HFC heads meet Modi over liquidity issue - 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