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The proposal to treat non-banking finance companies (of above ₹500 crore) on a par with banks and financial institutions for the purpose of recovery of debts and applicability of the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act is a welcome and positive step for NBFC companies.
The focus on farm credit is clearly visible as the government has set a target of ₹8.5 lakh crore under this segment which reflects the need and opportunity for loan against agricultural products.
Not only banks but NBFCs too will be able to contribute towards wider availability of agriculture credit.
The fund allocation to Nabard will help in further increasing the support to the agriculture sector, where NBFCs can play a vital role.
The writer is CEO, Kissandhan Agri Financial Services Pvt Ltd
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