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RBI’s proposed new framework for NBFCs positive, awaiting clarification on software: Shriram City Union Finance

Updated : January 25, 2021 12:52 PM IST

Shriram City Union on Monday said that RBI's proposed new framework for NBFCs is more positive than negative.

"We are happy with what has been put out,” said YS Chakravarti, MD and CEO at Shriram City Union Finance.

The Reserve Bank on Friday proposed a four-layered regulatory structure for non-banking financial companies (NBFCs) with progressive increase in intensity of regulation.

According to a discussion paper released by the RBI, the NBFCs will be split into four layers -- base, middle, upper and top.

The classification of the NBFCs, it said, will be based on host of parameters including size, leverage, interconnectedness, substitutability, complexity and nature of activity, among others.

"...the regulatory framework envisages a progressive increase in the intensity of regulation," said the RBI''s discussion paper on ''Revised Regulatory Framework for NBFCs - A Scale-Based Approach".

“We are waiting for the clarification from the RBI whether they insist on a specific set of players where we need to go for software or we can use a solution that we have developed for ourselves,” Chakravarti said in an interview with CNBC-TV18.

“We are already at 30 percent capital adequacy. About 58 percent of my portfolio is in MSME which is proposed at 0.25 percent capital adequacy, so that shouldn’t be an issue. However, for the rest of the assets, RBI could look at lowering the standard asset provisioning for small-ticket loans like two-wheeler or gold loan which is average of Rs 50,000-60,000,” he mentioned.

With PTI inputs

Published : January 25, 2021 12:51 PM IST

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