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Plea to place NBFCs under DRT purview

Our Bureau

New Delhi , Oct. 25

THE Associated Chambers of Commerce and Industry of India (Assocham) has urged the Finance Ministry to place non-banking financial companies (NBFCs) under the jurisdiction of the debt recovery tribunals (DRTs).

In a statement, the chamber President, Mr Mahendra Sanghi, has also suggested that the recent securitisation ordinance, which empowers banks and financial institutions to recover their dues from defaulting borrowers, should be extended to NBFCs to enable them to realise their outstandings from their customers.

Further, it has suggested that NBFCs be exempted from multiple taxes on their transactions to enable them to compete with the banks on an equal footing.

More Stories on : Industry Associations | NBFCs | Non-Performing Assets

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