Govt in process of approving Rs 20,000-crore lifeline to fund-starved NBFCs
Govt in process of approving Rs 20,000-crore lifeline to fund-starved NBFCs The budget had proposed a partial credit guarantee scheme worth Rs 1 trillion under which public sector banks would buy high-rated pooled assets of financially sound NBFCs Current Affairs :Money Secretary Rajiv Kumar on Monday said that the administration is authorizing Rs 20,000 crore to the reserve starved NBFCs under the incomplete credit ensure conspire declared in the spending limit. “We have supporting authorizations of over Rs 20,000 crore and the assurance is being expanded,” Kumar told correspondents uninvolved of the 101st establishment day of state-run Union Bank of India here. He said a portion of the conventions are being worked now post which the plan will get this show on the road. Kumar said banks have been purchasing pooled resources since August a year ago after defaults by IL&FS started. He said since the previous five years, the administration has been tidying up the balan...
