Liquidity Support for Large NBFCs via SPV

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Framework for addressing the liquidity constraints of NBFCs The Government of India has approved a scheme for providing liquidity support to eligible NBFCs-ND-SI through a Special Purpose Vehicle (SPV) for meeting the temporary liquidity mismatches in the operations. NBFC-ND-SI (i) should have CRAR as per extant guidelines (ii) should have made net profit in the preceding two years (iii) Net NPAs as on last Balance Sheet date should not be more than 5 percent IDBI SASF Trust has been notified as Special Purpose Vehicle for undertaking this operation. The SPV will purchase the short term papers from eligible NBFCs-ND-SI to meet temporary liquidity mismatches. The instruments will be CPs and NCDs, with a residual maturity of not more than three months and rated as investment grade. CPs would have to comply with extant RBI guidelines on the subject. The facility would not be available for any paper issued after March 31, 2009 and the SPV would cease to make fresh purchases after June 30, 2009 and would recover all dues by September 30, 2009. NBFCs-ND-SI may approach the Trust in the matter at the following address: The Executive Director Stressed Assets Stabilisation Fund IDBI Bank 10th Floor, IDBI Tower WTC Complex, Cuffe Parade Mumbai 400 005 Yours faithfully, (A. S. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/388 · issued 18 Feb 2009. The plain-English explanation above is BankPulse’s own independent summary.

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Topics: Deposits / Interest Rates

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Key termsPlain-English definitions of terms in this circular — see the full Indian banking glossary. Repo rate · CASA · Statutory Liquidity Ratio (SLR) · Deposit insurance (DICGC)