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NBFCs may get more time to comply with guidelines
FE NEWS SERVICE
The Reserve Bank of India may extend the deadline for regularisation of excess public deposits by non-banking finance companies. The notification issued on Friday clearly states that the central bank may extend the deadline of December 31, 1998, if it thinks it necessary.Meanwhile, the Equipment Leasing Association and the Association of Leasing & Financial Services Companies will meet with senior RBI officials next week and seek an extension of the timelimit for NBFCs to achieve the capital adequacy ratio of 10 per cent. The central bank has said that all NBFCs will have to achieve a capital adequacy ratio of 10 per cent by March 1998 and 12 per cent by March 1999. "It is just not possible for NBFCs to raise their capital adequacy ratios within three months to 10 per cent", said Satish Nadkar, president of the Equipment Leasing Association. The NBFC bodies will also request RBI to extend the time limit for the regularisation of their public deposits.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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