Supreme Court Advocates for Childcare and Feeding Rooms in Public Spaces

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Supreme Court Advocates for Childcare and Feeding Rooms in Public Spaces The Supreme Court of India has suggested that the Union Government develop a comprehensive policy addressing the construction of feeding rooms and childcare facilities  in public places. This move aims to ensure that nursing mothers and their children can access basic amenities in a dignified and private manner, reinforcing their fundamental rights under the Indian Constitution. SC Encourages Policy Formulation A bench comprising Justice BV Nagarathna  and Justice N Kotiswar Singh  highlighted the absence of a structured framework to address this pressing issue. The court advised the Centre to propose a policy that could then be implemented across the states, scheduling the next hearing for December 10, 2024.   The apex court emphasized that before issuing formal directions, it was crucial to understand the Centre’s perspective on implementing the petitioner’s demand for childcare and feedi...
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NBFC Sector Seeks Funds and Reforms Ahead of Union Budget 2024

NBFC Sector Seeks Funds and Reforms Ahead of 

Union Budget 2024



As the Union Budget for 2024 approaches, the Non-Banking Financial Company (NBFC) sector is calling for enhanced financial inclusion and digitalization efforts to sustain its growth. The sector, represented by the Finance Industry Development Council (FIDC), is advocating for the establishment of a special refinancing body, akin to the National Housing Bank (NHB) for housing finance companies.


Importance of NBFCs in the Economy


NBFCs play a crucial role in the Indian economy by providing financial services to underserved segments that traditional banks may not fully reach. They offer a range of financial products, including loans, asset financing, and wealth management services. This sector is vital for promoting financial inclusion, supporting consumer demand, and improving trade balances.


Current State of NBFCs


Despite facing stringent regulatory actions from the Reserve Bank of India (RBI) this year, the NBFC sector remains well-capitalized. The RBI's 29th Financial Stability Report (FSR) noted that as of March 2024, NBFCs had a Capital to Risk (Weighted) Assets Ratio (CRAR) of 26.6%, a Gross Non-Performing Assets (GNPA) ratio of 4.0%, and a Return on Assets (RoA) of 3.3%.


Industry Leaders' Expectations


Rakesh Kaul, CEO of Clix Capital, emphasizes the need for policy reforms and digitalization to enhance credit access and reduce turnaround times. He believes the Union Budget should focus on these aspects to drive sector growth.


Jitendra Tanwar, Managing Director & CEO of Namdev Finvest Pvt Ltd, echoes this sentiment, calling for measures that promote global integration and sustainable growth.


Krishan Gopal, CFO of Aye Finance, expects the budget to support NBFCs transforming micro-enterprise lending by providing customized credit lines and classifying them as Priority Sector Lenders.


Mathew Muthoottu, MD of Muthoottu Mini Financiers Ltd, highlights the resilience of NBFCs despite strong competition from banks. He calls for policies that promote responsible credit utilization and enhance financial literacy.


Neha Juneja, Co-founder and CEO of IndiaP2P, hopes the budget will spur consumption through tax relief and initiatives that promote the growth of NBFCs serving priority sector clients.


Pavitra Walvekar, CEO of Kudos Finance, based in Pune, advocates for additional funds to improve liquidity and regulatory reforms to streamline operations and enhance transparency. These steps are crucial for bolstering credit availability, particularly for underserved segments like MSMEs, and promoting long-term financial stability.


Conclusion


The NBFC sector is poised to play a pivotal role in the upcoming Union Budget 2024. By addressing the sector's calls for enhanced financial inclusion, digitalization, and regulatory reforms, the government can ensure sustainable growth and financial stability. The resilience and adaptability of NBFCs make them integral to India's economic landscape, and their needs and expectations will be crucial considerations for the Union Budget.

Location: Pune, Maharashtra, India

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