RBI’s draft norms for NBFCs may come across as softer than those proposed by the Usha Thorat Committee last year, but it’s clear the regulator wants a tighter grip on these intermediaries. The general idea seems to be to keep a closer watch on the larger players, especially those that are mobilising money from the public, and not worry too much about the smaller lot. As the regulator points out, since many of the companies are highly leveraged—they borrow a fair amount from the banks—their well-being is important for the health of the financial system. The fact that they’re offering more ‘complex’ products also seems to be a matter of concern for RBI...........
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