Financial Daily from THE HINDU group of publications
Wednesday, Mar 23, 2005
Financial Daily from THE HINDU group of publications Wednesday, Mar 23, 2005 |
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RBI & Other Central Banks Money & Banking - NBFCs NBFCs could opt out of public deposits Our Bureau
Mumbai , March 22 THE Reserve Bank of India plans to work out a roadmap for helping non-banking finance companies to increase their asset base. The central bank had convened a meeting of NBFC representatives recentlyto elicit their views. The RBI Governor, Dr Y.V. Reddy, clarified that NBFCs were given the option to voluntarily move out of public deposits if the regulatory costs outweighed benefits, said a press release from RBI. Promising help in terms of training and technology to the NBFCs, the Governor urged them to adopt technological changes including on-line reporting. The NBFCs demanded a level playing field with housing finance companies in matters like funding from banks and access to refinancing institutions. .
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