The purpose of providing funds to small NBFCs through special funds was not achieved

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Mumbai, Ta. 31 December 2020, Thursday

The money raised through the Reserve Bank's Targeted Long-Term Repo Fund for small and medium-sized non-banking financial companies (NBFCs) has been found to provide a fairly secure voice to borrowers. Due to this attitude of the banks, it is seen that this window has not benefited as it should have.

More than 80 per cent of the money received through this window has been invested by banks in NBFCs with AAA ratings.

NBFCs with a top rating usually do not need financial assistance from a bank or the Reserve Bank as they can easily get funds from the market.

One of the analysts said that the scheme did not meet the objective of providing more NBFCs with higher ratings to banks in excess of the money raised from the Reserve Bank's special funds.

Through this fund, the Reserve Bank provided Rs 1.19 trillion to banks. Out of this fund, banks have disbursed 40.50 per cent of the disbursed funds to NBFCs with AAA rating. NBFCs with BBB and below ratings received only 2.10 per cent, according to a RBI report.


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