April 27, New Delhi: In a panel discussion on the show Bluntly Speaking, we discussed the Non-Banking Financial Companies’ (NBFC) position and condition post Corona Pandemic. As we are witnessing during the pandemic, how every business in India (except FMCG & Pharma sector ) is suffering and is unable to do anything productive because of complete lockdown. If the financial crisis is almost there for the industries, then how could NBFCs remain untouched of this crisis.
The major challenge for NBFCs is that neither they are not able to disburse new loans nor they are able to get their repayments from borrowers. RBI put the moratorium for 3 months to 6 months for customers but NBFCs have to pay their loan to RBI on time. How would they deal with such a scenario.
Panelists kept their views on this situation that how they can survive and how government and RBI could help them to overcome this crisis.
Today’s panelists were Raman Aggarwal, Co Chairman – FIDC, Sanjeev Gupta, MD – Nexgen Financial Solutions (P) Ltd., Subhash Aggarwal, Chairman – Moneywise Financial Services (P) Ltd., CA Virendra Kumar Goel, Convener – AAS NGO, Anshuman Mishra, Founder – Loan Adda