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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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