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Govt notifies partial credit guarantee scheme for PSBs
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SME Times News Bureau | 13 Aug, 2019
The government on Tuesday notified the scheme of partial credit
guarantee for PSBs to buy pooled assets of NBFCs up to Rs 1 lakh crore,
activating the announcement of the Budget in July this year to boost
lendings to the cash strapped NBFCs.
"This would provide
liquidity to the NBFC sector and, in turn, enable them to continue to
play their role in meeting the financing requirements of the productive
sectors of economy including MSME, retail and housing", the Finance
Ministry said.
The government has issued the scheme to implement
the announcement in the Budget Speech for 2019-20 to provide a one-time
partial credit guarantee to public sector banks for purchase of pooled
assets of the financially sound NBFCs, the notification said.
The
Department of Financial Services (DFS) will monitor the scheme. Partial
credit guarantee scheme to address temporary asset liability mismatch
of solvent NBFCs/HFCs; they will not resort to distress sales for
meeting commitments. Scheme to be open for 6 months or till banks
exhaust 1 lakh crore asset purchase limit.
NBFCs/HFCs can sell
maximum up to 20 per cent of standard assets with a cap of Rs 5,000
crore, the official notification said here.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 24 Aug, 2019 |
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