NBFCs, fintech companies urge FM Sitharaman to enhance lending facilities

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Non-banking finance companies (NBFCs) and fintech players have urged Finance Minister to enhance the lending facilities by three to four years which were announced and extended by the Reserve Bank of India (RBI) during Covid-19 lockdown.


“As expressed by the Prime Minister, there is a need to revive economic growth. This requires great effort for financial inclusion, including increased lending,” said Harsh Kumar Bhanwala, Executive Chairman of Capital India.



Banks and capital markets play a big role but NBFCs — be it micro-finance or otherwise — also play a significant role in lending for small and medium enterprises. They serve in areas where banks are not accessible, said Bhanwala.


“Secondly, we request a separate window from refinancing entities for these small and medium NBFCs so there is assured line available to them for all type of accounts.”


Bhanwala said the Income Tax Act section 194 provides exemptions to banks for tax deduction at source. Such facility should be also extended to NBFCs because they are also regulated by the RBI.


Yogendra Kashyap, Managing Director and CEO of Rapipay Fintech, said the government should

Maruti Suzuki increases prices of select vehicles by up to Rs 34,000

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The country’s largest carmaker India on Monday said it has increased the price for select models by up to Rs 34,000 to offset adverse impact of rising input costs. The company is increasing the price for select models owing to an increase in various input costs.


The new prices are effective from January 18. The price change varies across models and ranges up to Rs 34,000, it added. While the company did not specify the models, according to dealer sources the price hike impacts most of its models but select variants of certain models have left untouched.


ALSO READ: Time to go green: Here’s a list of upcoming electric cars in India in 2021



Last month the company had said it would increase prices of its vehicles from January.


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