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CNBC-TV18 Exclusive: Studying a few crisis hit NBFCs closely, says RBI Governor

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In an exclusive interview to CNBC-TV18’S Latha Venkatesh, RBI governor Shaktikanta Das threw light on what the central bank of the country was doing on the issue. He admitted that the RBI was concerned about the situation and informed that it was monitoring the top 50 NBFCs which cover about 70-75 percent of the total loan book.

The NBFC (non-banking financial company) crisis has grown deeper and deeper after a cash crunch hit IL&FS and forced it to default on interest payment. Just a few days back on September 13, Altico Capital India defaulted on the interest payment obligation on ECB (external commercial borrowing) availed from the UAE-based Mashreqbank.
In an exclusive interview to CNBC-TV18, RBI governor Shaktikanta Das shed some light on what the central bank of the country was doing on the issue. He admitted that the RBI was concerned about the situation and informed that it was monitoring the top 50 NBFCs which cover about 70-75 percent of the total loan book.
“We are monitoring about 50 top NBFCs including a few HFCs also which cover roughly about 70-75 percent of the loan outstanding of the banks”, he said.
The RBI governor also said that the central bank was doing a “deep dive” into a few of these cases to gauge the situation better. He said, “We are doing a deep dive to find out more details… otherwise we have the data which comes to us through the Central Repository of Information on Large Credits (CRILC). We have that data and we collect additional data that maybe required. Some cases do require further analysis and we are doing that.”
The RBI governor further elaborated, “An RBI team, wherever required, are in touch with the promoters and the management of the NBFCs to see that the repayment obligations and other things are maintained. We are keeping a close watch.”
To read the full transcript of the interview click here

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Tata Steel1,453.05 88.05 6.45
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JSW Steel747.40 25.70 3.56
SBI438.30 12.80 3.01
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Tata Steel1,455.10 89.95 6.59
Bajaj Finserv14,783.00 817.75 5.86
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Hindalco453.00 36.70 8.82
Tata Steel1,452.10 87.10 6.38
Bajaj Finserv14,810.00 839.45 6.01
JSW Steel747.30 25.60 3.55
SBI438.10 12.60 2.96
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Tata Steel1,453.20 88.05 6.45
Bajaj Finserv14,834.25 869.00 6.22
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