NBFCs seek exemption for daily stamping of accounts of small borrowers

Non-Banking Financial Companies request the Reserve Bank of India for exemption on the daily stamping of small borrower accounts. NBFCs have sought relaxation for borrowers with loan amounts upto Rs2 crore. The reason being such borrowers don’t have stable cash flow.

The industry players have been in constant dialogue with the regulator on the issue of moving NPA to a day stamping. NBFC institutes have reiterated that most of their borrowers are daily, monthly or weekly earners. Therefore it would be tough for such customers to pay back the loan on the exact due date.