India NBFC Body Urges RBI to Ease Credit Rules
India's non-banking finance companies representative body has asked the central bank to ease proposed restrictions on revolving credit products. The industry group warns the ban could severely impact working capital finance for small businesses.
India's finance industry body urged the central bank on Thursday evening to reconsider proposed restrictions on revolving credit products. The Finance Industry Development Council warned that the ban could trigger a contraction in trade and working-capital finance. The Reserve Bank of India's draft rules seek to limit non-banking lenders to term loans unless authorized to issue credit cards.
