Government Attempts to Revive NBFCs
On 13th August, 2019 two major schemes — credit guarantee scheme for NBFCs/ Housing Finance Companies (HFCs) proposed in the Union Budget and priority sector status for bank lending to NBFCs for on-lending to agriculture, small units and housing were notified.
Credit Guarantee Scheme for NBFCs
- Under the scheme, banks can purchase rated pooled assets of financially sound NBFCs/HFCs and get a one-time credit guarantee from the government for first loss up to 10 per cent. The scheme will be monitored by the department of financial services.
- The scheme will be open for six months or till the time banks purchase Rs 1 ....
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