In August, Google had stated that it had blocked 2,000 personal loan providers from its app marketplace in India from January 2022 to July 2022.
"Banking laws should allow lenders to raise money from the capital market. We should align our laws with those of Japan and Europe," Pronab Sen said.
The agency expects borrowing cost of NBFCs (Non-Banking Financial Companies) to go up by 85-105 basis points (bps) in this fiscal owing to recent hikes in repo rate by 90 basis points in two tranches and an expected rise of another 75 bps in the remaining fiscal.
For the next eight-ten years we do believe that credit growth of around 15-20 percent for NBFCs is possible, Rashesh Shah, Chairman and CEO of Edelweiss Financial Services told CNBC-TV18.
Amisha Vora, Joint Managing Director, Prabhudas Lilladher says markets are showing good amount of resilience. This resilience and inflows could continue, so its still a buy on decline market.
Crisil rated NBFCs will be able to manage the impact because of liquid assets on their balance sheet as long as this disruption gets over in a month or two but if prolonged then asset quality challenges manifest, said Krishnan Sitaraman, Senior Director, Crisil Ratings.
However, S Naren, ICICI Pru believes demonetisation is near-term pain for long-term gain and does not expect February lows of 6900-7000 to be tested.
Everybody in the NBFC space has seen a decrease in cost of funds and the company per se has shifted their mix more towards debentures, said Vellayan Subbiah, Managing Director, Cholamandalam Investment and Finance.
In an interview to CNBC-TV18, SP Tulsian of sptulsian.com shared his view on textile, auto stocks. He also spoke on the NBFC and the jewellery space.
Cross-border inward remittance is a Rupee Drawing Arrangement (RDA) were remittances are received in India through exchange houses situated in gulf countries, Hong Kong, Singapore and Malaysia (for Malaysia only under Speed Remittance Procedure).
"India has a much better potential and a long-term ability to attract equity capital as compared to debt and that is what our policymakers and government should focus on," says Nirmal Jain.
Sandip Sabharwal, Prabhudas Lilladher believes more upside in store for Indian equity markets on the back of improving macros and upsides seen in global markets. “We should see 12-15 percent upside from here till the end of this year,†he states.
IIFL prefers private sector banks over state owned banks. It is betting on non-banking financial companies (NBFCs) as a rate cyclical play. Bajaj Finance, M&M Finance, Shriram City Union Finance are its top picks.
Technical analyst Sudarshan Sukhani of s2analytics.com expects Nifty to slip below 5,100 levels today. However, he hopes that long positions taken yesterday would be maintained since Nifty has a strong support at 5,100 level.
As earlier reported on Thursday, the Reserve Bank of India (RBI) said that all deposit taking non-banking financial companies (NBFCs) should maintain a minimum capital ratio consisting of Tier I and Tier II capital of 15% from March 31, 2012.