It has come to our notice that certain section of the media have reported about FIDC having requested RBI to make certain changes to their Draft circular issued regarding Revolving Credit by NBFCs. These reports also talk about FIDC having suggested that Revolving Credit may be allowed to a certain class of NBFCs.
In this regard we would like to clarify that FIDC has not yet made any formal submission to RBI on the said Draft Circular. Therefore, stating that FIDC has requested RBI to make certain changes and allow Revolving Credit to some of the NBFCs is factually incorrect. FIDC being the RBI recognized Self- Regulatory Organization (SRO) for NBFCs, represent all NBFCs (Other than MFI’s) in the Upper, Middle & Base Layer.