MUMBAI, 29 JANUARY, 2021 (GPN): “Our budget expectation is for economic revival and as conveyed by the honourable Finance Minister and the honourable PM that the economic revival has to be expeditious. This would require greater efforts for financial inclusion including lending and in which banks, NBFCs and capital markets will have to play an effective role. NBFC be it micro finance entities or otherwise they lend to SMEs and tiny units for varied purposes and they change their product profiles quickly based on clients requirements and as such cater efficiently for economic revival.

I would request that enhanced financial requirements of small and medium NBFCs be taken care for economic revival at an enhanced level than what it is today. We are very thankful to RBI and the Government that post Covid-19 phase a separate line was carved out for liquidity support for small and medium NBFCs which has resulted in extended lending by them for SME sector and also bear some of the liquidity problems that they face on account of non-repayment of loans etc. So, first requirement is that such facilities should continue for another 2-3 years.

Secondly, can we think of a separate window for refinancing from Development Financial Institutions and banks small and medium NBFCs so that there is assured line of credit. Thirdly, we would like an exemption from TDS on interest income earned by NBFCs under Section 194A of the Act as available to the banks. Fourthly, a concerted effort for NPA resolution is necessary at the level of banks, as also NBFCs, now more importantly as the forbearance by RBI/ Supreme Court moratorium on repayment of loans is ending. Expeditious resolution can be strengthening of existing ARC’s or by other legally available options or we can resort to the idea of Bad Bank as is in circulation.”

Company Profile-

1. Capital India Finance Limited (CIFL) (CIFL — BSE 530879) – Delhi Headquartered

S.K. Narvar promoted Capital India Finance Limited (CIFL)(listed) is an India-focused well capitalized NBFC. The Company focusses on providing customized financial solutions to Mid Corporates and SMEs for their growth and working capital requirements. CIFL provides Home Loans in affordable segment through its HFC, Capital India Home Loans. CIFL also offers foreign exchange services through its subsidiary RemitX and financial inclusion services like Domestic Remittance, AEPS, Micro ATM etc via its Fintech subsidiary called RapiPay.

2. RapiPay Fintech Private Limited (Noida Headquartered), one of the fastest growing Indian Fintech companies that provides payment solutions like Aadhaar Enabled Payment System (AEPS), Micro ATM, money transfer, Payments and many more. S.K. Narvar promoted RapiPay Fintech, is a business vertical of a listed company Capital India Finance Limited (CIFL). In a short span of 18 months, RapiPay has presence in over 10K pin codes out of 19,100 pin codes in India through 1.5 Lakh agents “RapiPay Saathis” and is doing over Rs. 5 lakh transactions per day. RapiPay’s payment solutions are enabled via cash, bank account or RapiPay mobile wallet.

RapiPay has a 3 legged impact model. First is Last mile delivery of Financial Inclusion services. End consumers, especially in Tier-2/3/4 towns, get easy and seamless access to banking and financial services through RapiPay Saathis.  Second is Self-Employment. With lakhs of retailers as its agent, it’s contributing towards building an ‘Atmanirbhar Bharat’. And the third impact is Job creation.  It is one of the biggest employment generator in its category.  In future the company plans to include insurance, travel booking, lending and many more utility services for its customers.    

3. RemitX (Mumbai Headquartered)is an integrated Foreign Exchange Service Provider offering comprehensive forex solutions to various customer segments in India with a vision to be a one stop solution for all travel related foreign exchange and Financial services.

मुंबई, जानेवारी 2021:- अर्थसंकल्पीयतेसाठी आपली अपेक्षा ही आहे कि माननीय अर्थमंत्री आणि सन्माननीय पंतप्रधानांनी सांगितले की आर्थिक पुनरुज्जीवन त्वरित करावे लागेल. कर्ज देण्यासह आर्थिक समावेशासाठी मोठ्या परिश्रमांची आवश्यकता आहे आणि ज्यामध्ये बँका, एनबीएफसी आणि भांडवली बाजारांना प्रभावी भूमिका बजावावी लागेल. एनबीएफसी ते मायक्रो फायनान्स संस्था असतील किंवा अन्यथा ते एसएमई आणि लहान घटकांना विविध कारणांसाठी कर्ज देतात आणि ते ग्राहकांच्या गरजेच्या आधारे त्यांची पुनरुत्पादने आर्थिक पुनरुज्जीवनासाठी कार्यक्षमतेने करतात. मी विनंती करतो की छोट्या आणि मध्यम एनबीएफसीच्या वाढीव आर्थिक आवश्यकता आजच्या काळापेक्षा वर्धित पातळीवर घ्याव्यात. आम्ही आरबीआय आणि सरकारचे आभारी आहोत की कोविड -19 नंतरच्या काळात लघु आणि मध्यम एनबीएफसीला आधार देण्यासाठी वेगळी लाइन तयार केली गेली ज्यामुळे त्यांना एसएमई क्षेत्रासाठी वाढीव कर्ज दिले गेले प्रथम सुविधा अशी आहे की अशा सुविधा अजून  2-3 वर्षे चालू राहिल्या पाहिजेत. दुसरे म्हणजे, आम्ही विकास वित्तीय संस्था आणि बँकांना लहान व मध्यम एनबीएफसीकडून पुनर्वित्त करण्यासाठी स्वतंत्र विंडोचा विचार करू शकू जेणेकरुन खात्रीची पत असेल. तिसरी आम्हाला बँकेस उपलब्ध असलेल्या कायद्याच्या कलम  194 ए अंतर्गत एनबीएफसीने मिळवलेल्या व्याज उत्पन्नावर टीडीएसमधून सूट मिळावी. चौथी म्हणजे, बँकांच्या पातळीवर आणि एनबीएफसीच्या पातळीवर एनपीएच्या ठरावासाठी एकत्रित प्रयत्न करणे आवश्यक आहे,”