IFC collaborates with FIDC for training NBFCs

The International Finance Corporation (IFC), part of the World Bank Group, has signed a Memorandum of Understanding with the Finance Industry Development Council (FIDC), a representative body of asset and loan Financing NBFCs, to collaborate on training of NBFCs in the country.

As per the agreed terms, training programs for NBFCs would be conducted on “Commercial Credit Reporting” aimed at building capacity of NBFCs to enhanced reporting and enquiring on Commercial Credit Information Data from the Credit Bureaus.

These training programs would be conducted at various centers across the country under the guidance of leading consultants from the World Bank Group.

"We, at FIDC, are confident that these training programs would greatly enhance the awareness, expertise and professionalism of our member companies, especially, the large number of small and medium sized NBFCs catering to the credit needs in rural and semi urban areas", Raman Aggarwal, Chairman, FIDC said in a statement

This would also facilitate more informed credit appraisals thereby improving the asset quality. Such an engagement with a global development finance institution would further improve the credibility of NBFC sector thereby boosting the investors’ confidence, he said.