Industry body Assocham has recommended setting up a refinance window for the NBFC sector and making banks' lending to non-banking financial companies under priority sector permanent for the upcoming Union Budget. The funding support to the non-banking finance companies (NBFCs) will ensure liquidity in the sector, as they play a key role in financial inclusion and providing affordable financial services to the underbanked, Assocham said in its recommendations to the government through a pre-budget budget memorandum.
The industry body said that in the past few years the NBFC sector has witnessed a liquidity crunch in the market due to external factors. During such times, the ability to borrow funds at rational pricing became difficult. A dedicated refinance window for NBFCs directly from the central bank, on the lines of National Housing Bank (which provides refinance to housing finance companies or HFCs) has been a long-standing demand for the NBFC sector.
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