NBFCs, HFCs Seek Rs 10,000 crore Liquidity Support
The finance ministry said financing requests of close to Rs 10,000 crore have been received under the special liquidity scheme worth Rs 30,000 crore for stressed NBFCs and HFCs whose financials further deteriorated due to the Covid-19 crisis. The scheme was launched on July 1. The Reserve Bank of
Published -
Jul 13, 2020 6:12 AM
The finance ministry said financing requests of close to Rs 10,000 crore have been received under the special liquidity scheme worth Rs 30,000 crore for stressed NBFCs and HFCs whose financials further deteriorated due to the Covid-19 crisis. The scheme was launched on July 1. The Reserve Bank of India (RBI) has provided funds for the scheme by subscribing to government-guaranteed special securities issued by a trust set up by SBI Capital Markets Limited (SBICAP). SBICAP has received 24 applications requesting about Rs 9,875 crore of financing as on July 7, 2020 which are being processed," the finance ministry said. The first application has been approved and the remaining are also under consideration, it said. The Investment Committee of Special Liquidity Scheme (SLS) Trust has approved investment of up to Rs 200 crore in commercial paper issued by the applicant. Non-banking financial companies (NBFCs) and housing finance companies (HFCs) came under stress following a series of defaults by IL&FS group firms in September 2018.
Tags : News/Views Latest News RBI NBFCs HFCs liquidity