MVIRDC World Trade Centre Mumbai and All India Association of Industries (AIAI) conducted a panel discussion on ‘Strengthening the NBFC Sector’ in Mumbai. Experts representing different segments of the industry took part in the event. Those on the panel included K.V. Srinivasan, Director and Chief Executive Officer, Profectus Capital; Umesh Revankar, Managing Director and CEO, Shriram Transport Finance; Vijay Deshwal, Head - Services Sector Group, Wholesale Banking, ICICI Bank; Mahesh Thakkar, Director General, Finance Industry Development Council (FIDC); Sunaina DaCunha, Senior Fund Manager, Aditya Birla Sun Life AMC; Firoze Andhyarujina, Senior Counsel, Supreme Court of India, and Legal Advisor, MVIRDC World Trade Centre Mumbai; and Krishnan Sitaraman, Senior Director, Financial Sector and Structured Finance Ratings, CRISIL.
In his opening remarks, Firoz Andhyarujina said: “The current NBFC crisis brings to the fore the role of credit rating agencies, identification of sound NBFCs, role of auditors and role of independent directors. Slowdown in NBFC financing has affected automobile and real estate sectors, thereby claiming at least 2.5 lakh jobs. The impact of this crisis is not only on a few sectors but on the entire economy. Therefore, we need to come up with a mechanism to segregate financially sound NBFCs from weak ones.” The current NBFC crisis has been largely misunderstood and has attracted disproportionately kneejerk reaction from the media. “It is high time to place the truth in the right perspective. After one year of this crisis, people have come to the conclusion that the days of panic in the sector have passed,” he added.
This story is from the September 2019 edition of MOTORINDIA.
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This story is from the September 2019 edition of MOTORINDIA.
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