New Delhi, July 06, 2019:
Gaurav Kumar, Co-Founder and Director, Vivriti Capital“The Union Budget 2019 sends out a positive signal about NBFCs and reaffirms the government’s continued support to the sector. The partial credit guarantee for PSU banks to purchase consolidated high rated pooled assets of NBFCs and the relaxation of the DRR norms for public issuance of debentures will give a fillip to debt access for NBFCs with sound fundamentals and performance track record. Additionally, increasing RBI’s regulatory authority over NBFCs will help further strengthen the sector and boost investor confidence”
Kunal Varma, CBO & Co-founder, MoneyTap“I would congratulate the Finance Minister on the Union Budget 2019. For a country like India, where we are trying to address multiple sensitive factors viz. jobs, taxation, corporate, rural, growth, spends, inflation, fiscal, etc., it’s always a very complex balancing act.
Making it easier for investors to operate FPIs is extremely important for us right now. Especially with the current scene in the bond market and the pressure on our fiscal deficit. We have bonds close to INR 5 trillion expected to mature in this FY20, out of which a large chunk is for the non-banking lenders. Hence the move to make FPIs simpler is a welcome move. The move on Angel Tax and reduced unnecessary scrutiny will be welcomed by younger startups that are raising angel money. Although there’s still a lot more to be done on this front, it’s a start.
Digital Push via a move like eliminating or reducing MDR for cashless payments further is a great sign. This decision has more positive implications than what’s immediately obvious. While it will make transactions more convenient, encourage payment Fintechs to innovate around this space and reduce cash pilferage, it also has a 2nd order positive effect of increasing the digital handshake between a consumer and the BFSI sector. Meaning that technologies like Blockchain and API based financial solutions get a solid, data-rich platform with all the digital transactions.
I’m optimistic about this Budget, and at MoneyTap, we’ll continue to help address the credit gap in our country in a responsible way.”
Corporate Comm India (CCI Newswire)
