ENA Sectors 2019-07-05 08:17:38 <p><strong>New Delhi, July 5 (KNN)</strong> Proposals for strengthening regulatory authority of Reserve Bank of India (RBI) over Non-Banking Financial Companies (NBFCs) have been made, said Nirmala Sitharaman, Union Minister of Finance.</p> <p>For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, government will provide a one-time six-month partial credit guarantee to Public Sector Banks (PSBs) for first loss up to 10%, another announcement she made while presenting the budget.</p> <p>She announced to allow Foreign Institutional and Portfolio Investors to invest in debt securities offered by NBFC.</p> <p>NBFC is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business but does not include any institution whose principal business includes agriculture, industrial activity or the sale, purchase or construction of immovable property.</p> <p><iframe frameborder="0" height="540" id="mgiframe" src="//mg.mgid.com/mghtml/framehtml/c/k/n/knnindia.co.in.338951.html" width="100%"></iframe></p> 23091 https://knnindia.co.in/news/newsdetails/sectors/budget-2019-proposals-for-strengthening-regulatory-authority-of-rbi-over-nbfcs-have-been-made 2019-07-05 08:17:38 knnindia.co.in