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NBFCs must lend money they get from banks to customers to fuel growth: Anurag Thakur
Oct-18-2019

 Minister of State for Finance, Anurag Singh Thakur has said non-banking financial companies (NBFCs) must sub-lend the money they get from banks to their customers, in order to help India fuel its economic growth. He also said that there is a need for further transmission of the credit from NBFCs to the industry especially by micro, small and medium enterprise (MSME) sector. 

The minister said ‘I have spoken to the banks and requested them to ensure faster and greater disbursement of credit to ensure liquidity in the hands of NBFCs.’ Talking about the recently-held loan melas across 250 districts in the country, he said not many NBFCs were spotted there, which prompted him to reach out to the finance secretary to convey that it was very important to have NBFCs on board because they play a crucial role in the nation building process and in the growth of the economy.

To achieve the target of $5 trillion economy by 2024, Thakur said NBFCs have to play a very important role. He also said the industry needs to have right perception and sentiment in the market as he sought the help of the MSME sector in reaching out to the common man, and fuel country's economic growth.

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