NBFCs STARE AT CRISIS IN DECEMBER

Article Abstract:

The non-banking finance companies (NBFCs) are likely to face a severe cash crunch following new guidelines introduced by the Reserve Bank of India (RBI). Under the new norms, NBFCs having excess public deposits as on January 1, 1998, will have to repay the excess amount in 3 instalments every December. RBI has insisted that the entire excess amount will have to be settled by December 2000 AD. With the RBI's decision to link collections of deposits with credit rating, NBFCs will face problems. The frequent downgrading of NBFCs will make them have more excess public deposits as the downgrading will reduce their mobilising capacity. (gs)

Government regulation (cont)

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TRADERS REPAY REFINANCE AS CALL RATES SLIP

Article Abstract:

Primary dealers took advantage of the low call rates on February 23, 1999 to repay refinance taken from the Reserve Bank of India at 9 percent. Call money rates opened at about 8.90 percent and closed at 8.75 percent in the interbank call money market on February 23, 1999. The 11.40 percent year 2000 maturity was traded at Rs100.28 while the 11.55 year 2001 was traded at Rs100.28 levels. (khr)

Financial management, Federal reserve banks

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