The Hindu Business Line : NBFCs discuss growth issues with RBI

MEMBERS of the Finance Industry Development Council (FIDC) on Wednesday met the Governor of RBI, Dr Y.V. Reddy, and briefed him about the problems facing the non-banking finance companies.

Among those present in the meeting were Mr Mahesh Thakkar, Director General, FIDC; Mr T.T. Srinivasa Raghavan, Managing Director, Sundaram Finance; Mr R. Sridhar, Managing Director, Shriram Transport Finance Company; and Mr Sanjay Chamria, Managing Director, Magma Leasing of Kolkata.

One of the more important issues discussed was that of allowing NBFCs to raise funds through public deposits.

The meeting has been described as positive. "Our feeling is that the RBI is clearly in favour of development of the NBFC industry," Mr Sridhar told Business Line today.

"It is a big step forward," noted Mr Srinivasa Raghavan.

This is the first time since the debacle of CRB Capital Markets that a RBI Governor met a body of NBFCs, industry sources said.

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