Centre sanctions ₹6,399-cr for stressed NBFCs & HFCs
The Union Finance Ministry has sanctioned 15 proposals worth ₹6,399 crore for stressed NBFCs and HFCs under the special liquidity scheme announced as part of the ₹20.97 lakh crore 'Aatmanirbhar Bharat' package. The scheme permits both primary and secondary market purchases of debt and seeks to address the short term liquidity issues of non-banking financial companies (NBFCs) and housing finance companies (HFCs). FM Nirmala Sitharaman informed that the Special Liquidity Scheme (SLS) of ₹30,000 crore was announced as a part of the Aatmanirbhar Bharat package with an aim to improve the liquidity position of NBFCs and HFCs. NBFCs and HFCs came under stress following a series of defaults by IL&FS group firms. Any NBFC including microfinance institutions registered with RBI under the RBI Act, 1934 (excluding those registered as Core Investment Companies) and any HFC registered with the National Housing Bank under the National Housing Bank Act, 1987 which is complying with certain specified conditions, are eligible to raise funding from this facility. The RBI has provided funds for the scheme by subscribing to government-guaranteed special securities issued by a trust set up by SBI Capital Markets Ltd (SBICAP). The scheme is being implemented by SLS Trust, the SPV set up by SBICAP. The special liquidity scheme is open for three months for making subscriptions by the Trust. Under the scheme, the government will provide an unconditional and irrevocable guarantee to the special securities issued by the Trust.
📅Published on:
14 August 2020
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