Government of India has issued a scheme to provide a one-time partial credit guarantee to PSBs for purchase of pooled assets of financially sound NBFCs.
About:
Name of the Scheme: 'Partial Credit Guarantee offered by Government of India (GoI) to Public Sector Banks (PSBs) for purchasing high-rated pooled assets from financially sound Non-Banking Financial Companies (NBFCs)/Housing Finance Companies (HFCs)’.
Objective: To address temporary asset liability mismatches of otherwise solvent NBFCs/HFCs without having to resort to distress sale of their assets for meeting their commitments.
Validity of the scheme: The window for one-time partial credit guarantee offered by GoI will open from the date of issuance of the Scheme by the Government for a period of 6 months, or till such date by which Rs. 1 lakh crore assets get purchased by banks, whichever is earlier.
Eligible NBFCs/HFCs:
The NBFCs registered with RBI under the Reserve Bank of India Act, excluding those registered as Micro Finance Institutions and Core Investment Companies.
HFCs registered with National Housing Bank (NHB) under the National Housing Bank Act.
Micro Finance Institutions and Core Investment Companies are not covered under the Scheme.
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