NBFCs seek permission to partially resume Operations

NBFCs seek permission to partially resume Operations


Non Banking Finance Companies (NBFCs) have requested permission for operating partially during the lock down period.

  • The Finance Industry Development Council (FIDC) which is a representative body of NBFCs have made a request to the Home Secretary for granting necessary permission to carryout essential operations.
  • It is informed that some staff are very important in dealing with some crucial areas of operations are required to in small number and will be required in staggered hours, with a strict following of Social Distancing guidelines.
  • It is known that Government has exempted Banks, Insurance Companies, Stock Markets and Mutual Funds from Closure of offices, FIDC informed that NBFCs are the only part of the financial sector which is left out.
  • Hence it is felt that the minimum essential staff should be made available in the branch offices who cannot work from home.
  • Here the work involved are Fee Collection, Depositing of cash in Banks etc.,
  • Thus, a request for permitting at least 30% of the staff of NBFCs has been who could be permitted to work on a rotation basis.

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