To solve the liquidity crisis, RBI should make banks lend more to NBFCs
5 years, 6 months ago

To solve the liquidity crisis, RBI should make banks lend more to NBFCs

Hindustan Times  

In the immediate liquidity crisis, good Non-Bank Financial Companies should be able to raise debt capital, but this is not always happening. If the real estate company is itself under financial stress, and does not have the money to complete its project, the assets on the balance sheet of the NBFC start looking bad. Suppose the real estate company needed a flow of money to complete the project, but the NBFCs and banks from which it has been borrowing shut off that tap due to their liquidity issues. In the short run, the industry argues that to solve the liquidity crisis, the Reserve Bank of India and government should make banks lend more to NBFCs. The Financial Sector Legislative Reforms Commission, 2011, had proposed a unified regulatory agency for NBFCs, equity and bond markets, insurance, pensions, mutual funds, etc.

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History of this topic

Indian banks’ balance sheets stay robust, bad loans decline more, central bank report says
2 weeks ago

Indian banks’ balance sheets stay robust, bad loans decline more, central bank report says

Live Mint  

By Siddhi Nayak MUMBAI, Dec 26 - Indian banks' financial position has stayed robust, marked by the sustained expansion in loans and deposits, while their gross bad loan ratio has dropped to multi-year lows, a central bank report showed on Thursday. Net bad loans of banks fell to 0.57% of total loans at September-end, from 0.62% at end-March, driven by …

Rising Defaults Among Retail Borrowers are Stressing India’s Top Banks
1 month, 3 weeks ago

Rising Defaults Among Retail Borrowers are Stressing India’s Top Banks

The Quint  

Given that India’s economic growth relies heavily on domestic consumption, any slowdown in lending could ripple through the broader economy, impacting sectors dependent on consumer spending. Moreover, as banks shift their focus from retail to secured loans to mitigate risks, small and medium enterprises could face reduced access to capital, hindering job creation and slowing down economic expansion. In October, …

NBFCs Face Funding Strains, Slower Growth Ahead
4 months, 2 weeks ago

NBFCs Face Funding Strains, Slower Growth Ahead

Deccan Chronicle  

Mumbai: Non-banking financial companies are likely to face funding challenges that could result in slower growth compared to the robust expansion seen in the last two fiscals according to rating agency ICRA Ltd. “The banking sector, a key lender to the NBFC segment, is expected to register an overall credit expansion of around 12 per cent in FY2025, resulting in …

Bank lending to NBFCs jump 26% to Rs 15.6 trillion
5 months, 4 weeks ago

Bank lending to NBFCs jump 26% to Rs 15.6 trillion

New Indian Express  

MUMBAI: Despite the Reserve Bank of India massively hiking the risk capital weighting on banks’ exposure to non-banks last November, the same has been rising unabated clipping at 26 per cent in May 2024, to go past Rs 15.6 trillion. In May 2024, mutual funds debt exposure to NBFCs rose to 13.3 per cent of banks advances to NBFCs, which …

India assessing need for more measures to slow unsecured lending, cenbank chief says
7 months ago

India assessing need for more measures to slow unsecured lending, cenbank chief says

Hindustan Times  

MUMBAI - India's central bank is assessing whether further measures would be needed to slow down the growth in banks' lending towards unsecured loans and non-banking finance companies, Governor Shaktikanta Das said on Friday. India assessing need for more measures to slow unsecured lending, cenbank chief says The Reserve Bank of India, has warned lenders against "all forms of exuberance" …

NBFC lenders find borrowing a costly affair
8 months, 4 weeks ago

NBFC lenders find borrowing a costly affair

Live Mint  

MUMBAI : Non-bank lenders are struggling through a spike in borrowing costs as banks have become cautious in lending to them following a regulatory warning, forcing these companies to diversify their money sources. The Reserve Bank of India in November increased the risk weights on NBFCs by 25 percentage points, making their cost of borrowing from banks costlier by 30-50 …

More fintech NBFCs tap debt markets for expansion
1 year ago

More fintech NBFCs tap debt markets for expansion

Live Mint  

MUMBAI : Fintech startups operating as non-banking financial companies are increasingly turning to the bond market to secure funds for expansions due to the rising costs of bank borrowing. JM Financial reported that Fintech NBFCs raised ₹1,818 crore from the bond market in 2023, up from just ₹450 crore in 2022. “With demand for credit picking up, bank credit getting …

RBI deputy governor urges banks to be prudent on lending to NBFCs
1 year ago

RBI deputy governor urges banks to be prudent on lending to NBFCs

Live Mint  

Mumbai: Banks need to reconsider whether they want to be part of lending consortiums to non-bank financiers that have scores of other lenders – up to 40 at times – to improve their monitoring of borrowers' use of sanctioned loans, RBI deputy governor Swaminathan J said. The deputy RBI governor was responding to a question from SBI managing director Ashwini …

Here's why NBFCs will have to look beyond banks for funds
1 year ago

Here's why NBFCs will have to look beyond banks for funds

Live Mint  

Mumbai: Non-bank lenders that borrow heavily from commercial banks to lend further may need to diversify their funding sources in the year ahead, given the rising competition for bank credit, and higher risk weights on loans to these lenders, experts said. “The idea is to improve funding access to productive sectors, but the regulations can lead to customers paying more …

Govt explores steps to boost affordable NBFC loans
1 year, 1 month ago

Govt explores steps to boost affordable NBFC loans

Live Mint  

The Centre is exploring options such as increasing the deposit acceptance limit for eligible non-banking finance companies, introducing deposit insurance and creating a specific liquidity window for NBFCs, according to two officials. The goal is to lower funding costs, enabling NBFCs to offer loans to crucial sectors such as agriculture and micro, small, and medium enterprises, at more affordable interest …

NBFCs relying more on bank loans: RBI
1 year, 3 months ago

NBFCs relying more on bank loans: RBI

Live Mint  

Mumbai: Domestic non-banking financial companies, especially those in the upper-layer category, are increasingly relying on bank borrowings as their primary source of funding, according to an analysis in Reserve Bank of India ’s September bulletin. “During the assessment period, NBFCs’ reliance on banks increased steadily due to low interest environment and lag monetary policy transmission," the article said. Direct bank …

RBI lifts loan costs to tame inflation
1 year, 11 months ago

RBI lifts loan costs to tame inflation

The Hindu  

The Monetary Policy Committee of the Reserve Bank of India on Wednesday raised the benchmark lending rate by 25 basis points to 6.5% as the RBI targets persistently high core or underlying inflation that it sees as a risk to the improving outlook for the economy. Observing that the rate increases since May were still working their way through the …

Bad loans: Why, this time, it’s different
2 years, 9 months ago

Bad loans: Why, this time, it’s different

Hindustan Times  

Non-performing assets or bad loans of banks have come down to their lowest levels, Reserve Bank of India governor Shaktikanta Das said at a Confederation of Indian Industry event on March 21. When seen in the context of gross NPA share falling to 6.9% of all loans, according to RBI’s Financial Stability Report released in December 2021 — the latest …

‘Demand takes big hit on second wave’
3 years, 7 months ago

‘Demand takes big hit on second wave’

The Hindu  

As the second wave of COVID-19 overwhelmed India and the world, the real economy indicators moderated through April-May 2021, senior officials of the Reserve Bank of India wrote in the RBI’s monthly bulletin. “The biggest toll of the second wave is in terms of a demand shock — loss of mobility, discretionary spending and employment, besides inventory accumulation” while the …

Non-performing loans in Indian banking sector to rise in next 12-18 months: S&P
4 years, 1 month ago

Non-performing loans in Indian banking sector to rise in next 12-18 months: S&P

The Hindu  

Non-performing loans in the Indian banking sector is likely to witness an uptick and may shoot up to 11% of gross loans in the next 12-18 months, S&P Global Ratings said on Tuesday. It said forbearance is “masking” problem assets for Indian banks arising from COVID-19 and the financial institutions will likely have trouble maintaining momentum after the proportion of …

NBFCs have an edge in banking licence race
4 years, 1 month ago

NBFCs have an edge in banking licence race

Live Mint  

Large non-bank lenders stand to gain the most from the Reserve Bank of India panel’s proposal to allow large companies and shadow lenders into banking services, experts said. More importantly, it would allow RBI to increase regulatory oversight over some of the large shadow lenders, particularly after the collapse of Infrastructure Leasing & Financial Services Ltd and Dewan Housing Finance …

RBI announces Co-lending scheme for banks, NBFCs for priority sector
4 years, 2 months ago

RBI announces Co-lending scheme for banks, NBFCs for priority sector

Deccan Chronicle  

Mumbai: In a bid to improve the flow of credit to the unserved sector of the economy and to make funds affordable for them, the Reserve Bank of India on Wednesday revised the guidelines for banks and NBFCs including housing finance companies to jointly lend to the priority sector. The primary focus of the revised scheme, rechristened as “Co-Lending Model”, …

KKR to step up real estate financing
4 years, 2 months ago

KKR to step up real estate financing

Live Mint  

Bengaluru: Real estate focused non-banking financial company KKR India Asset Finance Ltd is stepping up lending even as overall financing to the sector remains subdued, said a top executive. We also think that the residential market will continue to bottom out and stage recovery in the next few quarters, thereby presenting a good risk-return proposition for investors,” Yesh Nadkarni, MD, …

Relief on loans up to ₹2 crore addresses borrowers’ distress, RBI tells Supreme Court
4 years, 3 months ago

Relief on loans up to ₹2 crore addresses borrowers’ distress, RBI tells Supreme Court

The Hindu  

The Reserve Bank of India has told the Supreme Court that the Centre’s resolve to shoulder the cost of ‘interest on interest’ for MSME loans and personal loans up to ₹2 crore addresses pandemic-induced financial distress among borrowers. The central bank reasoned that a complete waiver, on the other hand, of compound interest chargeable during the six-month moratorium would destabilise …

Bank Lending to NBFCs Jumps 190 Basis Points to 8.8% Since Sept 2018
4 years, 4 months ago

Bank Lending to NBFCs Jumps 190 Basis Points to 8.8% Since Sept 2018

News 18  

Amid continuing calls for more bank loans to non-banking lenders, the latest data showed that banks have already been lending more to them increasing their overall exposure to NBFCs by 190 basis points to 8.8 per cent between September 2018 and June 2020, according to a report by CARE Rating. In absolute terms, banks' outstanding to NBFCs saw a huge …

Amid churn, non-banks explore consolidation option
4 years, 5 months ago

Amid churn, non-banks explore consolidation option

Live Mint  

India’s non-bank lenders, staring at ₹1.51 trillion debt repayments due in the next six months, are rushing to raise fresh equity and pursuing mergers with bigger peers to avert defaults, as the coronavirus pandemic darkens the outlook for the sector that has struggled since the collapse of Infrastructure Leasing and Financial Services Ltd nearly two years ago. “In many instances, …

NBFCs will continue to face liquidity, asset quality risks: Fitch
4 years, 6 months ago

NBFCs will continue to face liquidity, asset quality risks: Fitch

Live Mint  

MUMBAI: India's non-bank financial companies will continue to face elevated liquidity and asset quality risks, even as economic activity picks up with the easing of the nationwide lockdown, according to global rating agency Fitch Ratings. Non-banks, facing a liquidity shortage ever since Infrastructure Leasing and Financial Services Ltd defaulted on its payment obligations, have been under renewed strain as banks …

RBI lays down guidelines for NBFCs, HFCs under special liquidity scheme
4 years, 6 months ago

RBI lays down guidelines for NBFCs, HFCs under special liquidity scheme

Live Mint  

The Reserve Bank of India on Wednesday laid down the eligibility criteria for non-bank financiers and mortgage lenders to utilize a special liquidity scheme that was approved by the Union cabinet in May. The funds thus received from the sale of securities would be used by the SPV to buy short-term investment-grade papers from eligible NBFCs and HFCs, providing them …

The problem with the liquidity push
4 years, 7 months ago

The problem with the liquidity push

The Hindu  

The present government’s much-hyped, post-COVID-19 relief and recovery package has disappointed many. In its effort to tote up a 10% of GDP relief-cum-stimulus figure, the government has relied heavily on measures aimed at pushing credit to banks, non-banking financial companies and businesses big and small, which are expected to use borrowed funds to lend to others, make payments falling due, …

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning
4 years, 7 months ago

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

Firstpost  

Non-banking financial companies on Friday requested the Reserve Bank of India to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic Mumbai: Non-banking financial companies on Friday requested the Reserve Bank of India to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 …

Fresh crisis looms for NBFCs after fund shuts
4 years, 7 months ago

Fresh crisis looms for NBFCs after fund shuts

Live Mint  

India’s shadow lenders are facing fresh turmoil after asset manager Franklin Templeton shut funds late last month, prompting other large investors to dump the financiers’ debt. Three other gauges of the sector’s health compiled by Bloomberg showed no improvement last month, with a measure of shares of 20 financial firms and other companies staying depressed. Government measures To help cash-starved …

Coronavirus Outbreak: RBI governor Shaktikanta Das meets NBFCs, MFs sector; reviews liquidity situation
4 years, 8 months ago

Coronavirus Outbreak: RBI governor Shaktikanta Das meets NBFCs, MFs sector; reviews liquidity situation

Firstpost  

Operations of NBFCs have commenced from Monday as the government eased restrictions for the lockdown. Mumbai: Reserve Bank governor Shaktikanta Das on Monday reviewed liquidity position and ways to promote lending to the MSME sector during a meeting with representatives of non-banking financial companies and mutual funds amid the lockdown induced by the COVID-19 pandemic. Some of the issues discussed …

Sell unsold units at 'no-profit-no-loss' to save interest, boost liquidity: Nitin Gadkari to real estate developers
4 years, 8 months ago

Sell unsold units at 'no-profit-no-loss' to save interest, boost liquidity: Nitin Gadkari to real estate developers

Firstpost  

Union Minister Nitin Gadkari on Wednesday exhorted real estate players to sell unsold housing units, even at no-profit-no-loss, to boost their liquidity condition and save interest cost on loans New Delhi: Union Minister Nitin Gadkari on Wednesday exhorted real estate players to sell unsold housing units, even at no-profit-no-loss, to boost their liquidity condition and save interest cost on loans. …

Coronavirus Outbreak: SIDBI to provide 90-day term loans to banks, NBFCs, MFIs for onward lending to MSMEs
4 years, 8 months ago

Coronavirus Outbreak: SIDBI to provide 90-day term loans to banks, NBFCs, MFIs for onward lending to MSMEs

Firstpost  

SIDBI will offer liquidity to banks, NBFCs and MFIs as term loans for a tenor of 90 days and for a maximum period of one year, Mumbai: Small Industries Development Bank of India on Thursday said it will provide special liquidity to banks, non-banking financial companies and microfinance institutions for on-lending to micro, small and medium enterprises that are affected …

RBI measures for NBFCs may not boost credit flow to the broader economy: Moody's
4 years, 8 months ago

RBI measures for NBFCs may not boost credit flow to the broader economy: Moody's

India TV News  

The Reserve Bank of India's measures to help facilitate funds to the NBFC sector is unlikely to boost the credit flow to the broader economy as NBFCs would shore up their own liquidity rather than on-lending to customers, Moody's Investors Service said on Sunday. Moody's Investors Service Vice-President Alka Anbarasu said the measures will soften the near-term credit negative impact …

RBI steps will prevent more NPAs, boost cheaper credit
4 years, 8 months ago

RBI steps will prevent more NPAs, boost cheaper credit

Live Mint  

Covid-19 has altered life as we know it, heralding unprecedented times in every way. In its second press conference since the nationwide lockdown because of the covid-19 outbreak, the Reserve Bank of India on Friday announced additional measures to support the economy and revive growth momentum. These measures announced by the RBI were primarily aimed boosting liquidity, expanding credit flow …

RBI ensures liquidity support to NBFCs
4 years, 8 months ago

RBI ensures liquidity support to NBFCs

The Hindu  

The Reserve Bank of India has announced a host of measures to provide liquidity support to the non-banking finance companies, apart from giving them certain benefits for loans extended to the commercial real estate sector. To begin with, the banking regulator said banks to have to invest the funds availed under targeted long term repo operations, in investment grade bonds, …

Moratorium on repayment puts NBFCs in a spot
4 years, 8 months ago

Moratorium on repayment puts NBFCs in a spot

The Hindu  

Non-banking financial companies may face a tough time following the Reserve Bank of India’s recent directive on providing a moratorium on repayment. “With collections being minimal and the moratorium only for their borrowers, raising fresh funds is critical, especially because NBFCs, unlike banks, do not have access to systemic sources of liquidity and depend significantly on wholesale funding,” it said. …

Drop in borrowing costs shows India NBFC crisis may ease
4 years, 11 months ago

Drop in borrowing costs shows India NBFC crisis may ease

Live Mint  

Borrowing costs for India’s top-rated shadow financiers declined last month, indicating that the nation’s prolonged credit crisis may be seeing some improvement. Premiums that investors seek to buy AAA rated five-year bonds of non-bank lenders over government notes with similar maturities narrowed to a 16-month low in January, helping a gauge measuring bond spreads to strengthen. Supporting these financiers is …

RBI decision to ease norms for repaying project loans to bring relief to realty sector
4 years, 11 months ago

RBI decision to ease norms for repaying project loans to bring relief to realty sector

Live Mint  

After a lackluster Union budget, the ailing real estate market got a boost from the Reserve Bank of India with its decision to allow banks to extend commencement of commercial operations of project loans by another year. “This is a big move and will bring the much-needed relief to the cash-starved real estate sector - and to both developers and …

Credit guarantee on NBFC, HFC debt
4 years, 11 months ago

Credit guarantee on NBFC, HFC debt

Deccan Chronicle  

Mumbai: The government has proposed to provide credit guarantee for the liquidity-struck shadow banking sector. To address the liquidity constraints of NBFCs and housing finance companies, the government proposed to set up a partial credit guarantee scheme for the sector after the Union Budget 2019-20. Karthik Srinivasan, senior vice president and group head, financial sector ratings, Icra said, “Inclusion of …

Opinion | Budget 2020 wish list: More freedom for NBFCs to revive demand
4 years, 11 months ago

Opinion | Budget 2020 wish list: More freedom for NBFCs to revive demand

Live Mint  

Non-banking finance companies play an important role in providing credit access to businesses and individuals across the spectrum. The increase in the ₹2 lakh tax rebate on housing loan interest rates under Section 24 of the Income Tax Act, will encourage demand for housing, especially in the affordable and mid-segment categories. Allow strong NBFCs/ HFCs to access public deposits: Large …

NBFC crisis far from over: Revitalizing shadow bank industry is a must
5 years ago

NBFC crisis far from over: Revitalizing shadow bank industry is a must

Live Mint  

India’s shadow banks, which lend to everyone from teashop merchants to property tycoons, get a mixed bill of health in Bloomberg’s latest check. Revitalization of the industry, whose woes mounted last year when major mortgage lender Dewan Housing Finance Corp. missed repayments, is key to helping staunch a further slowdown in the nation’s economy. The Bloomberg check-up of the sector’s …

India facing 'Great Slowdown', economy headed to ICU, says former CEA Arvind Subramanian
5 years ago

India facing 'Great Slowdown', economy headed to ICU, says former CEA Arvind Subramanian

Firstpost  

India is facing a “Great Slowdown” with its economy headed for intensive care unit primarily due to a “second wave” of the twin balance sheet crisis at banks, former Chief Economic Adviser Arvind Subramanian has said New Delhi: India is facing a “Great Slowdown” with its economy headed for intensive care unit primarily due to a “second wave” of the …

Putting out spreading fires: Raghuram Rajan's cure for real estate, NBFC sectors
5 years, 1 month ago

Putting out spreading fires: Raghuram Rajan's cure for real estate, NBFC sectors

India Today  

Noted economist Raghuram Rajan has laid out a detailed plan for the recovery of the stressed real estate sector and non-banking financial companies, which are its key lenders. Rajan, a former Reserve Bank of India governor, said both real estate sector and NBFCs are in deep trouble and pouring in fresh capital may not help in any improvement. "Instead of …

NBFC crisis in India sparks gold rush for some lenders
5 years, 1 month ago

NBFC crisis in India sparks gold rush for some lenders

Live Mint  

As the shakeout in India’s credit market shows few signs of abating, one group of financiers is benefiting from the turmoil: shadow banks that provide loans in exchange for gold. That’s helped double the share price in the past year of Manappuram Finance Ltd., one such firm, while the stock of Muthoot Finance Ltd., the country’s largest cash-for-gold lender, has …

NBFCs, HFCs may be brought under bankruptcy code
5 years, 2 months ago

NBFCs, HFCs may be brought under bankruptcy code

Live Mint  

The government is examining the feasibility of bringing certain types of non-bank lenders and housing financiers under the Insolvency and Bankruptcy Code to enable rescue of distressed financial institutions under a court-monitored process. The move will help distressed Dewan Housing Finance Corp. Ltd. to tie up a resolution plan under the IBC as potential investors may prefer the protection of …

Nirmala Sitharaman's support for realty indicates Narendra Modi govt's willingness to get into micro details to revive growth in other sectors
5 years, 2 months ago

Nirmala Sitharaman's support for realty indicates Narendra Modi govt's willingness to get into micro details to revive growth in other sectors

Firstpost  

The present decision to open a new window for finance is hence quite timely and should address to a large extent the woes of the real estate segment The improvement in the World Bank Doing business rank is just a statistic, but sounds good in the global context. The decision taken to create an Alternative Investment Fund for Rs 25,000 …

RBI asks NBFCs to adopt better tools to detect liquidity strains early
5 years, 2 months ago

RBI asks NBFCs to adopt better tools to detect liquidity strains early

Live Mint  

Reserve Bank on Monday asked the already fund-starved NBFCs to adopt better risk monitoring tools that capture the strains early on and also to maintain a liquidity buffer as per the mandated liquidity coverage ratio. It also asked NBFCs to segregate into granular buckets the 1-30-day time bucket in the statement of structural liquidity to 1-7, 8-14, and 15-30 days …

Banks to face capital shortfall of Rs 3.5 lakh cr in event of systemic crisis in NBFC sector: Fitch Ratings
5 years, 2 months ago

Banks to face capital shortfall of Rs 3.5 lakh cr in event of systemic crisis in NBFC sector: Fitch Ratings

Firstpost  

New Delhi: Banks would face a capital shortfall of about $50 billion in the event of a systemic crisis in the non-banking financial company sector, according to a study by global rating agency Fitch. “The credit profiles of the state-owned banks would come under significant pressure, and the weakest – including those with Viability Ratings in the ‘b’ range – …

Realty bites: Indian property slump leaves beleaguered banks exposed
5 years, 2 months ago

Realty bites: Indian property slump leaves beleaguered banks exposed

Live Mint  

India might have thought the worst of a bad loans crisis was past, but a severe cash crunch in the real estate industry could augur fresh strife for its banks. If three-quarters of the high-risk category of outstanding real estate loans is not repaid, that could lead to additional bad debt of $15 billion on banks' books in the next …

RBI not looking at liquidity facility for NBFCs: Dy Guv Vishwanathan
5 years, 3 months ago

RBI not looking at liquidity facility for NBFCs: Dy Guv Vishwanathan

Live Mint  

Mumbai: Reserve Bank of India has ruled out any special liquidity facility for Non Banking Financial Institutions saying there is enough in the system to meet their needs for borrowings and it is for the lenders to take a call on lending to the NBFCs. "Reserve Bank's position is that there is adequate liquidity in the system and it is …

Investors take shelter in HDFC Bank, Kotak Bank as NBFC woes quake banks
5 years, 3 months ago

Investors take shelter in HDFC Bank, Kotak Bank as NBFC woes quake banks

Live Mint  

Indian banks have faced rough weather in the past two weeks and investors are rediscovering stocks that act as lifeboats in choppy waters. Just three months ago, the combined value of the two banks was about 10% lower than the other 10 lenders, which include State Bank of India, ICICI Bank Ltd, Axis Bank Ltd and seven of the remaining …

There is an opportunity to reshape the distressed Indian auto sector, which is facing structural problems
5 years, 4 months ago

There is an opportunity to reshape the distressed Indian auto sector, which is facing structural problems

Op India  

There is a flurry of news around the slowdown of the auto and the logistics sector, with a lot of inexplicability surrounding the economy. These factors can be clubbed under two umbrella trends – the rapid rise of Shared Mobility platforms and the radical changes in the EV policy of the Indian Government, and the industry’s snail-paced attitude regarding BS-VI …

The NBFC factor in the slowdown of the automobile sector
5 years, 4 months ago

The NBFC factor in the slowdown of the automobile sector

The Hindu  

T he crisis in the non-banking financial companies is perhaps among the most important factors impacting the automobile sector. Beginning with the IL&FS Financial Services debacle in 2018, and more recently the solvency issues of four large NBFCs, this wing of the financial sector has taken a massive beating and the ramifications are being felt in three major sectors—infrastructure, real …

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