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Tribute – Manikam Ramaswami Poor representation for Kerala and TN in Cabinet A proud Madrasi Muffled voices for merit… Plummeting profits of PSBs More Shakthi to Das’ elbow Russi Mody – a tribute The star of Spencers is no more A friendly business group Fortune for Indian Airlines Whistle-Stop Tour of Raghuram Rajan Where is Rajaji? B H Kothari - a tribute There was flood of milk. Reason: no milk commissioner! PC’s preference for professionals WTO Meet: resolved to meet again Small units prefers to remain small... Polls and promises Tatas moving out of urea production... IAS invades NDDB... Rs.1600 crore paper board plant of TNPL Like Hinduism: many paths to reach God... Engineering seats go abegging MHC should not return to its old indisciplined ways Sweeter prospects for sugar Tribute A C Muthiah – his munificent bequeaths to science SoA @ 80 Lalu’s envy, India’s pride Robber barons everywhere Strengthen the base... Odisha: spectacular win by Naveen Patnaik Contrarian cousins A rich pool of talent not utilised…. Five star activism stalls development activity Tatas moving out of urea production... More tributes to GR Adapt Vajpayee dinner diplomacy TN-leverage strength of BHEL, NLC... Mersal magnified Increasing non co-operation of state leaders Fall in crude prices help in oil sector reform Diamond jubilee of Egmore Samskrt School Editor's Notes Not just in-laws (and outlaws); they’ve renowned academics at the helm! Focus on quality of power - its only around 170-180V Why land prices zoom in TN? A Grand Finale for SN’s MS centenary at the US… GM Technology at last! …and of a popular trade leader When Ratan Tata visited SRM Padma Bhushan for A Ramakrishna EVM is tamper-proof Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Shaming of Tamils by Tamil farmers at Delhi For whom the MIDS bell tolls? Liberal imports idling indigenous capacities Noble nonagenarians... Of course, Gujarat is vibrant Marketing expert Balagopal is no more Boy, can you beat these? Protest masters... No Maha Koottani in TN... TIAM turns a full cycle TELANGANA at last…BUT Demise of a media baron... Rahman at CIC Delhi is distant Put expensive assets created to use... Moily’s bold thrust Shanti and Sadhana through Music TN accounts for the largest recruits by the IT sector Gay abandon in pricing Naidu will soon build a new Hyderabad This scant respect for Law Silver Years of Madras Musings Modi storms Silicon Valley Streamlining mandatory third party cover Multi-faceted Venkat Preserving for the future PPP mode for upgrading Corporation Hospitals Inflation: are we emulating Argentina and Brazil? IPL - no surprise this scam Sri Lanka votes for change Maximising the micro pricing … TN – agglomerate land holdings without alienating ownership Revving up the manufacturing sector Another Indian music maestro at the UN Measuring roof tops in terms of KW/MW Adharma of opposition politics Cement prices continue to rise… to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines L&T- the specialty of special purpose vehicles Readers' Mail For whom the bell tolls? When TN politicians can emulate Kerala's Towards speedy justice S V Raju – a ‘good’ true liberal Tihar, Puzhal not different from Parappana Agrahara Paytm karo... S Ramanathan – a versatile musician, musicologist Dr C Rangarajan returns to Chennai R Sridhar steps down as CEO of Shriram Capital A more liberated TN… Kinetic Karnataka Why this malaise in medical education? Waning interest in public discussions… Tax agriculture Kudos to NDTV... GNS - 100: our first subscriber Valli, they are more marginalised The Jan Dhan bonanza Making ‘my Amaravati’... IPL type auction for VCs? Welcome focus on core competence No engine for this car An informal presentation - analytical, forward locking... Quality education through the PPP mode Solar thermal shines… Telangana in top gear… Tribute – UCAL Selvan… Delhi returns to BJP Insurance companies bleeding, yet no decision on increasing FDI limit! Lesson from Chandrababu Naidu Auto components surge… The why of tax incentives Reliance’s TV – 18 ready to launch Tamil News Channel More Shakti to resource mobilisation... Pharma – overdose of copying Don’t seem to feel the pulse… Discoms deserve better… CRS, a jewel among managers, is no more. When small is no larger beautiful.. Air Asia India will set new benchmarks for budget travel Road development slows down Modi and the lady Online not in line with brick and mortar businesses... Things happen by accident and not by design... Quality silica from Neyveli Make standards certification mandatory... Gas is the way forward CSR and CMI: promise of another Srinivasan Ramanujan... Return to king coal for urea... The ‘Ayyo-yes’ is no more CII projects higher growth… Parliament in paralysis... The ‘Jayanthi Tax.’ Computation of GDP – conundrums continue Editor's Says Come elections, come advertisements... The rise and fall of Annamalai University Shipping woes of Chennai companies Land reclamation from sea appears cheaper! More heat than light Which side are you, Montek? Limit foreign borrowings to hi-tech, export potential projects... He saved millions from starvation... Build close rapport with business leaders Intellectual of rare qualities Mu Sigma – is no more Should we change the official year? Infrastructure funding – lessons learnt The power-full Hindujas Align crops to agro climate endowments… Welcome GST An enemy’s enemy is a friend The Swadeshi Trump Haul over the coal Convulsions in The Hindu Wanted: a second airport for Chennai The Ports’ Pasha expands into Tamil Nadu A think tank for Chennai Music happens Tough task taking states together The rise and rise of KCP London, London Narayan An inexplicable neglect Recognition to role of NBFCs.... F C Kohli - his concerns all embracing A professional at the helm of IRDA... When the President was rendered homeless… Tribute – M V Murugappan Godspeed, Chief Minister JJ Excel Generators provide the vital back-up The nuclear option Secularism and anti-Hinduism Permanent secretariat for TN GIM Nuclear power at the nucleus A yen for wastage… Alexa – Talking Wikipedia Kulandai was a giant Cleaning Ganga – relocate tanneries and install electric crematoria Medical costs hit the roof... Fortune 500 review TGS- The king storyteller When nations steal growth from one another… New IT products of Ramco in the pipeline… When online building permits work…. Delhi is distant… Scientists urged to take up farmer-oriented research Eternal support for capitalisation of PS banks Naidu’s return augurs well for Seemandhra ONGC at KG Basin China invests in India CIPET hqrs to stay at Guindy – for the present? Sweet news for TN sugar mills A welcome initiative by the judiciary Shale gas and its shallow future The balancing act The brown list of Venkitaramanan Wise Presidents Colour-Chem’s colourful KRVS Bihar elections - the Rajaji formula worked L&T: focus on infrastructure and more infrastructure… Airlines in India: cost and space Fuel for thought Revive development banks... Solar, solar everywhere … Welcome thrust on trade in Modi’s foreign visits... Poor quality of university VCs All eyes on Sankara Nethralaya Roaring Ro-Ro facility Welcome changes that testify to Jayalalithaa’s return to health Where a state respects its litterateurs… No mega rail project for Tamil Nadu The Gulf aviation boom The sea- saw battle continues... The few handicaps... Bihar – Nitish Kumar adopts the Lalu model Banning booze... West Bengal: mindless malignancy A Grand Finale for SN’s MS centenary at the US… He continues the focus on social amelioration Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated A glass full of corruption EEC at the National Media Centre Vibrant Gujarat How Air-India loses customs... Delhi Chalo... Remembering Indira Sivasailam... Funding the un-funded Building loyalty through the stomach Breaththrough in malaria control Cutting the nose to spite the face
 
Recognition to role of NBFCs....

NBFCs have not been receiving credit for the service rendered in financing lakhs of small and micro enterprises. Sustained efforts were made by Shriram Group’s R Thyagarajan supported by Akhila Srinivasan and her team in mobilising dozens of trade bodies all over the country. These include small transport operators, traders’ associations, motor parts dealers and a lot of other small business groups to demand attention to funding their requirements. These have been receiving little attention from the organised banking sector and have been largely kept out of the benefits extended through the priority lending route.         There is, therefore, understandable satisfaction over the change brought about through MUDRA Bank. Significantly, this measure would also take NBFCs out of the regulation and control of Reserve Bank of India.

This makes sense. RBI has not been able to regulate its primary function of controlling inflation effectively, formulate and implement its monetary policy and even regulate the large and growing banking system.

NBFCs are a different sector, much smaller in size related to the banks and needing different set of regulatory norms. Over the last 15 years these have been battered by ever-changing norms and increased restrictions in raising resources. At this rate, Thyagarajan predicts the total extinction of the sector over the next five years.

Thus, the release of NBFCs from the control of RBI and creation of MUDRA Bank as a specialised statutory institution is of special value to the NBFC sector that has been making a rich contribution to nurturing lakhs of new entrepreneurs in small businesses.

 

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