COVID-19 Update: NBFCs, HFCs, NBFC-MFIs now allowed to operate

Coronavirus
The Ministry of Home Affairs (MHA) in its latest order allowed non-banking financial companies (NBFCs) including housing finance companies (HFCs), microfinance institutions (NBFC-MFIs) and cooperative credit societies from the financial sector in a bid to function during the lockdown period with bare minimum staff.
This will be applicable to the mentioned financial institutions in all states and union territories (UTs).
The development comes after NBFCs and MFIs approached the government repeatedly to allow them to function like banks were. During Phase 1 of the lockdown, from the financial sector, only banks were allowed to function. This was issued as per the revised guidelines for lockdown announced by Prime Minister Narendra Modi on April 14. The lockdown has now been extended nationwide to May 3, with relaxations from April 20 in areas that report no new COVID-19 cases.
"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.