role of nbfcs in promoting inclusive growth
TRANSCRIPT
Financial Foresights
FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY
Role of NBFC’s in promoting inclusive growth
About FICCI
DISCLAIMER
Acknowledgments
We thank our Partners
Partner Exchange
Industry Insights Partner
Contents1. PREFACE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
2. INDUSTRY INSIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Promoting Inclusive Growth – Role of Non-Banking Finance Companies 10
Role of NBFC’s in promoting inclusive growth 13
Role of NBFC-MFIs in promoting inclusive growth 17
Role of NBFCs in promoting inclusive growth 21
Role of NBFCs in promoting inclusive growth 25
Role of NBFCs in promoting inclusive growth 30
Role of NBFCs in promoting inclusive growth 33
NBFC-MFI: The Beacon of Financial Inclusion 41
Role of NBFC in inclusive growth 45
Criticality of NBFCs in India’s infrastructure creation 48
Role of NBFCs in promoting inclusive growth 52
3. THE POLICY PULSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57Banking Sector 58Capital Markets Sector 62Insurance Sector 65
4. FICCI’S DATA CENTRE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69Indian Economy-An Update 70Investment Banking Updates 73Markets Watch 78
5. FINANCIAL SECTOR EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79
Synopsis of Past Events 79
6. FINTAINMENT SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
Preface
Dr. A. Didar SinghSecretary GeneralFICCI
Industry Insights
In association with
10 Role of NBFC’s in promoting inclusive growth
Industry Insights
Promoting Inclusive Growth – Role of Non-Banking Finance Companies
NBFCs are playing a vital role in furthering the cause
Mr. Shachindra Nath,
11Role of NBFC’s in promoting inclusive growth
Industry Insights
Focus on SME
Affordable Housing
Innovative Business Models
NBFCs have emerged
intermediary in
services accessible to a wider set of customer segments including SMEs. NBFCs have extended
having a range of products that suit their needs in their portfolio
12 Role of NBFC’s in promoting inclusive growth
Industry Insights
Shachindra Nath Group CEO
Religare Enterprises Ltd.
Conclusion
13Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFC’s in promoting inclusive growth
NNBFCs complement banks
industry
Mr. Pinaki Ranjan Mitra,
NBFCs have traditionallycomplemented the commercial banks and have prevented the concentration of credit risk in banks
14 Role of NBFC’s in promoting inclusive growth
Industry Insights
NBFCs’ role in promoting inclusive growth:
3
________________________________________________________________________________________________________
3
15Role of NBFC’s in promoting inclusive growth
Industry Insights
Need to recognize NBFCs’
inclusion agendaWhile the Income Tax Act allows deductions to banks and HFCs for non-recognition of income on NPAs-
available to NBFCs
16 Role of NBFC’s in promoting inclusive growth
Industry Insights
The way ahead:
Pinaki Ranjan MitraHead-Creadit Operations
Ananya Finance
17Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFC-MFIs in promoting inclusive growth
Mr. Chandra Shekhar Ghosh
NBFCs have so far played a very
development of the country by taking
to under banked and unbanked, rural mass and people having small enterprises
18 Role of NBFC’s in promoting inclusive growth
Industry Insights
(source: RBI data base)
Chart 2: Credit disbursed in billion Rs. across segments (Source: RBI database)
19Role of NBFC’s in promoting inclusive growth
Industry Insights
Table 1: A brief of the development programme run by Bandhan (data as on February, 2013)
Development Program (in Numbers)
3
20 Role of NBFC’s in promoting inclusive growth
Industry Insights
I think this is time that the government commissions an exclusive funding body for MFIs, instead of making Small Industries & Development Bank of India solely responsible for it
Chandra Shekhar GhoshChairman & Managing Director
Bandhan
References:
3.
21Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFCS in Promoting Inclusive Growth
Ms. Archana S Bhargava,
NBFCs play a crucial role in broadening
services, enhancing competition and
They are undoubtedly complementary to the banking system, capable of absorbing shocks and spreading risks at times of
22 Role of NBFC’s in promoting inclusive growth
Industry Insights
Financial exclusion of the Marginalized-critical role of Micro Finance
23Role of NBFC’s in promoting inclusive growth
Industry Insights
Recognition of NBFC-in Micro Finance
24 Role of NBFC’s in promoting inclusive growth
Industry Insights
Enhancing Tier I capital & Wider disclosure norms
NBFC for inclusive growth
Archana S Bhargava Executive Director
Canara Bank
Micro Finance Institutions are uniquely positioned
inclusion and provide
relatively poorer and vulnerable sections
25Role of NBFC’s in promoting inclusive growth
Industry Insights
Introduction
Banks’ efforts towards
be supported by NBFCs
Role of NBFCs in promoting inclusive growthMr. Suman Chowdhury,
The penetration of
services is still far lower than the desired
proportion of the households, especially in rural areas, remain outside the coverage of the formal banking system
26 Role of NBFC’s in promoting inclusive growth
Industry Insights
NBFCs continue to sustain healthy growth in retail
1846
2466
3257
3904
4680
0
1000
2000
3000
4000
5000
Mar-10 Mar-11 Mar-12 Mar-13 (E) Mar-14 (P)
Rs.
Bill
ion
0
20
40
60
80
100
Mar-10 Mar-11 Mar-12 Mar-13 (E) Mar-14 (P)
Per
cen
t
Vehicle Finance Gold loans Corporate/SME LAPLAS Personal Loans Others
CRISIL believes that the major retail NBFCs have strengthened their underwriting and collection systems after the delinquency pressures they witnessed over the two years ended 2008-09
27Role of NBFC’s in promoting inclusive growth
Industry Insights
Banks NBFCs
Semi-Urban & Rural, 30%
Urban & Metro, 70%
Semi-Urban & Rural, 60%
Urban & Metro, 40%
Trend in Overall Gross NPA
3.5
2.0
1.61.9
2.0 - 2.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Mar-10 Mar-11 Mar-12 Mar-13 (E) Mar-14 (P)
Per c
ent
NBFCs have strengthened their processes and systems to manage
28 Role of NBFC’s in promoting inclusive growth
Industry Insights
Origination and Underwriting:
Collection and portfolio monitoring
Regulatory framework to ensure stability and continuing origination of priority sector loans by NBFCs
Diversity of resource
for sustainable growth in NBFCs
29Role of NBFC’s in promoting inclusive growth
Industry Insights
Suman ChowdhuryDirector - Financial Sector Ratings
CRISIL Limited
Conclusion
30 Role of NBFC’s in promoting inclusive growth
Industry Insights
A
Role of NBFC’s in promoting inclusive growth
NBFCs have been playing a complementary role
institutions including banks in meeting the funding needs of the economy
31Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFC in Financial Inclusion
32 Role of NBFC’s in promoting inclusive growth
Industry Insights
Thampy KurianAdditional General Manager & All India Head
Agricultural & Financial Inclusion DeptFederal Bank
Summing up
33Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFCs in promoting inclusive growth
Mr. Bindu Ananth,
Policy thrust has been strongly dis-incentivising banks from partnering with NBFCs, and instead, has been continuing to nudge banks to open their own branches and originate assets through their own staff and agents
________________________________________________________________________________________________________
34 Role of NBFC’s in promoting inclusive growth
Industry Insights
1.
-2.tion model:
Containing systemic risk in 3.NBFCs:
35Role of NBFC’s in promoting inclusive growth
Industry Insights
Transaction cost for a loan ofRs. 10,000Model Minimum CRAR Transaction Cost2
3
________________________________________________________________________________________________________
3
Bindu AnanthPresident, IFMR
36 Role of NBFC’s in promoting inclusive growth
Industry Insights
Mr. V.P. Nandakumar,
Missing Links in India’s
Financial inclusion at zero cost
Today, large sections of the people, particularly in rural areas, are excluded from the organised
and continue to be dependent on local moneylenders
37Role of NBFC’s in promoting inclusive growth
Industry Insights
The multiplier effect
normal
Interest rates not “too high”
38 Role of NBFC’s in promoting inclusive growth
Industry Insights
39Role of NBFC’s in promoting inclusive growth
Industry Insights
Suicides in perspective
Unnecessary duplication
The struggle ahead
The reason why
model works better in the recovery of loans to the poor is that incentives and disincentives inherent in the model serve to instil a sense of responsibility in the
40 Role of NBFC’s in promoting inclusive growth
Industry Insights
V P NandakumarManaging Director and CEO Manappuram Finance Ltd.
41Role of NBFC’s in promoting inclusive growth
Industry Insights
NBFC-MFI: The Beacon of Financial Inclusion
Mr. Alok Prasad,
India’s multi-tier
includes over ~12,000 NBFCs, an extensive institutionalframework,contributing to more than 10% of the assets
system
42 Role of NBFC’s in promoting inclusive growth
Industry Insights
MFIs do not focus only on extending loans but also provide livelihood support services.
literacy is woven into the client relationship which allows them to get more empowered
43Role of NBFC’s in promoting inclusive growth
Industry Insights
44 Role of NBFC’s in promoting inclusive growth
Industry Insights
Alok Prasad
Micro Finance Institutions Network (MFIN)
45Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFC in Inclusive Growth
NBFCs have thrived on account of somewhat lax and multiple regulators thereby providing them more
commercials to charge to their customers
46 Role of NBFC’s in promoting inclusive growth
Industry Insights
47Role of NBFC’s in promoting inclusive growth
Industry Insights
The all-inclusive growth horizon has enough space to accommodate all healthy players in
of the country
Chief General Manager(Rural Business)
State Bank of India
48 Role of NBFC’s in promoting inclusive growth
Industry Insights
A
Criticality of NBFCs in India’s infrastructure creation
NBFCs, especially
Companies
Infrastructure Finance Companies (NBFC-
role in supplementing and complementing banks’ efforts
49Role of NBFC’s in promoting inclusive growth
Industry Insights
(I) Nil TDS
(II) Coverage under SARFAESI Act
(III) Tax provisions pertaining to NPA deduction
NBFCs have to operate within very stringent regulations and are at a clear disadvantage vis-à-vis banks while carrying out their functions
50 Role of NBFC’s in promoting inclusive growth
Industry Insights
51Role of NBFC’s in promoting inclusive growth
Industry Insights
Chairman & Managing Director Srei Infrastructure Finance Ltd.
52 Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFCs in promoting inclusive growth
,
Inclusive growth does not only imply the
being distributed equally & evenly; it is participation of all sections & regions of society in the growth story & their reaping
growth
53Role of NBFC’s in promoting inclusive growth
Industry Insights
Advantages of NBFCs:
Brief Background
Functioning of NBFCs:
How the NBFCs can contribute in inclusive growth?
________________________________________________________________________________________________________
54 Role of NBFC’s in promoting inclusive growth
Industry Insights
Role of NBFCs in Inclusive Growth
a. Serving unbanked segments:
b. Specialization:
c. Exclusive Service:
d. Strong understanding of customer segments and ability to deliver
customized products:
e. Employment Creation:
Drawbacks
Conclusion
55Role of NBFC’s in promoting inclusive growth
Industry Insights
NBFCs may be looked at playing a larger
services sector
Former, Executive Director Union Bank of India
The Policy Pulse
58 Role of NBFC’s in promoting inclusive growth
The Policy Pulse
Important announcements by RBI
license
Monetary Policy
Other newsLoans to PPP infra projects to be treated as secure
loans: RBI
Banking Sector
59Role of NBFC’s in promoting inclusive growth
The Policy Pulse
Basel III norms for Indian banks from April 1: RBI
Govt wants PSBs to consider separate credit limit
Public sector banks to clean books before raising funds to tackle higher NPA issue
RBI extends deadline for issuance of new format cheques
RBI launches study on banks active in selling gold coins
Partner Exchange
60 Role of NBFC’s in promoting inclusive growth
Core banking must for co-op banks by Dec 31: RBI
Impose limit on global transactions of cards, RBI tells banks
Crop loans: Private Banks get interest subvention booster
Regulator wants local branches of foreign banks registered as Indian subsidiaries
RBI sets up panel to address exporters credit issues
The Policy Pulse
61Role of NBFC’s in promoting inclusive growth
The Policy Pulse
62 Role of NBFC’s in promoting inclusive growth
Shares gifted to immediate relatives not to trigger open offer
SEBI asks companies to use electronic mode to make payments
SEBI allows FIIs to use government, corporate bonds as collateral
SEBI issues product labelling for Mutual Funds
Capital Markets Sector
SEBI tweaks stock exchange arbitration mechanism
SEBI allows debenture trustees to seek credit rating details
Rajya Sabha passes SEBI Bill for appointing SAT head
The Policy Pulse
63Role of NBFC’s in promoting inclusive growth
SEBI forms panel on insider trading
distributors
SEBI alters consent mechanism norms
SEBI tweaks Infra-debt rules
SEBI to regulate all investment advisors
SEBI may mandate scrutiny of small companies’ IPO fund use through monitoring agency
The Policy Pulse
Partner Exchange
64 Role of NBFC’s in promoting inclusive growth
SEBI asks market intermediaries to comply with ASBA norms
FII limit for government, corporate bonds raised
auction route
SEBI issues guidelines for separate debt segment on bourses
ownership
Mergers, demergers need Sebi clearance
The Policy Pulse
65Role of NBFC’s in promoting inclusive growth
The Policy Pulse
IRDA asks insurers to have anti-fraud policy
IRDA comes out with framework for monitoring insurance frauds
IRDA revises norms for life insurance products
areas
IRDA introduces File and Use procedure for life products
Insurance Sector
Rajiv Gandhi Scheme: SEBI extends new fund offer to 30 days
SEBI’s discussion paper on buyback through open market purchase
SEBI’s circular on Amendments to ESOP Guidelines and Equity Listing Agreement
66 Role of NBFC’s in promoting inclusive growth
IRDA standardises health insurance
IRDA brings back auto clearance process for life products
IRDA bans life cover with highest NAVguarantee
IRDA hikes equity exposure limit of insurers to 15 percent
IRDA allows standalone health insurers to use life insurance agents for sales
Insurers allowed to buy up to 15% stake in companies
IRDA proposes to lower solvency margin to 145 pc for insurers
IRDA raises third-party motor cover premium
The Policy Pulse
Partner Exchange
67Role of NBFC’s in promoting inclusive growth
IRDA looking at two-year policies to improve cover
Life insurers to have standard form for policyholders: IRDA
IRDA to review broker norms
Insurers, IRDA to launch awareness campaign
IRDA halves compulsory ceding by domestic general insurers to GlC Re
IRDA tweaks investment norms for insurance companies
General insurers can bring out an IPO, post 10 years of operation
Non-linked variable products, Ulips to be treated on a par
The Policy Pulse
FICCI’s Data Centre
70 Role of NBFC’s in promoting inclusive growth
Indian Economy-An Update
Economic Scenario
Industry
Rate of GDP at Market Prices (%) (at 2004-05 prices)
2012-13 (Q2) 2012-13 (Q3)
GDP at market prices 100.0 100.0
FICCI’s Data Centre
71Role of NBFC’s in promoting inclusive growth
________________________________________________________________________________________________________
FICCI’s Data Centre
72 Role of NBFC’s in promoting inclusive growth
Partner Exchange
FICCI’s Data Centre
73Role of NBFC’s in promoting inclusive growth
India slipped
India Outbound M&A
India Inbound M&A
Pos. Advisor Value $m #Deals % Share
1 Morgan Stanley 1,850 1 31.62 Jefferies & Company 1,850 1 31.63 BNP Paribas 148 1 2.54 Rothschild 108 2 1.85 Deutsche Bank 108 1 1.86 KotakMahindra Bank Ltd 106 2 1.87 Axis Bank 71 2 1.28 GCASavvian Advisors LLC 68 1 1.29 Avendus Capital Pvt Ltd 41 1 0.710 Systematix Corporate Services Ltd 37 2 0.6
IndiaAnnouncedM&A Advisory Ranking 1Q 2013
Pos. Advisor Value $m #Deals % Share
1 China 37,823 668 51.92 South Korea 10,118 182 13.93 Malaysia 7,539 166 10.34 India 5,861 222 8.05 Hong Kong 2,494 80 3.46 Singapore 2,266 81 3.17 Indonesia 1,730 64 2.48 Macao 1,194 4 1.69 Thailand 1,060 41 1.510 Taiwan 943 44 1.3
SEAsiaM&A Ranking by Target Nationality 1Q 2013
Investment Banking Updates Mergers & Acquisitions
FICCI’s Data Centre
74 Role of NBFC’s in promoting inclusive growth
0
5
10
15
20
25
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
$bn India M&A Volume
Domestic Inbound Outbound
Indian ECM
IPO volume
Follow-on
NTPC’s
Mahindra, Morgan Stanley State Bank of India
Equity Capital Markets
Date Issuer Sector Deal Type Deal Value ($m) Bookrunners
7 Feb NTPC Ltd Utility & Energy FO 2,160MS, GS, CITI, DB, KOTAK,SBI
29 Jan Axis Bank Finance FO 1,027 AXIS, CITI, JPM1 Feb Oil India Ltd Oil & Gas FO 591 CITI, HSBC, KOTAK
20 FebShriram TransportFinance Co Ltd
Finance FO 305 GS
22 MarSteel Authority ofIndia Ltd SAIL
Metal & Steel FO 279AXIS, DB, HSBC, JPM,KOTAK, SBI
11 Mar WNS Holdings LtdProfessionalServices
FO 185 BoAML, WELLS FARGO
20 FebJaiprakash PowerVentures Ltd
Utility & Energy FO 175 CS
4 Mar Bajaj Finance Ltd Finance FO 135 JMFINANCIAL
8 FebIndiabulls FinancialServices Ltd
Finance FO 128 BoAML, UBS
15 MarNational AluminiumCo Ltd Nalco
Metal & Steel FO 116 AXIS, IDFC, SBI
Top 10 ECM Deals in 1Q 2013
FICCI’s Data Centre
75Role of NBFC’s in promoting inclusive growth
India DCM
Corporate IG Agency
Bharti Enterprises Ltd.
Power Finance Corp
India Domestic DCM
International
Debt Capital Markets
0.0 0.5 1.0 1.5 2.0 2.5 3.0
Chemicals
Professional Services
Metal & Steel
Technology
Telecommunications
Construction/Building
Mining
Utility & Energy
Oil & Gas
Finance
$bn
India ECM Volume by Top 10 sectors
1Q 2012 1Q 2013
0
10
20
30
40
50
60
70
0
2
4
6
8
10
12
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
#$bn India ECM Volume
IPO FO Equity Linked #Deals
0
2
4
6
8
10
12
14
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
#$bn India International DCM
Corp FIG SSA #Deals
0
100
200
300
400
500
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
INR bn India Domestic Corporate vs FIG
Corp FIG
Pos. Bookrunner Parents Value ($m) No. %share
1 AXIS Bank 2,142 41 13.02 Standard Chartered Bank 1,831 23 11.13 ICICI Bank 1,214 24 7.44 HSBC 1,137 15 6.95 Trust Investment Advisors 1,011 50 6.16 Darashaw & Co Ltd 974 32 5.97 JPMorgan 969 4 5.98 Citi 908 6 5.59 Barclays 859 12 5.210 Deutsche Bank 718 13 4.4
IndiaDCM 1Q 2013
FICCI’s Data Centre
76 Role of NBFC’s in promoting inclusive growth
India loan
Investment grade
Oil & Gas
ONGC’s
Loan Markets
0
10
20
30
40
50
60
70
80
90
100
0
5
10
15
20
25
30
35
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
#$bn India Loan Volume
Investment Grade Leveraged #Deals
0
5
10
15
20
25
30
0
5
10
15
20
25
30
35
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
#$bn Refinancing as % of India Syndicated loan Volume
Volume % Refinancing
0 1 2 3 4 5 6
Technology
Real Estate/Property
Telecommunications
Chemicals
Consumer Products
Transportation
Utility & Energy
Metal & Steel
Oil & Gas
Construction/Building
$bn
India Corporate Loan Volume by Sectors
1Q 2012 1Q 2013
FICCI’s Data Centre
77Role of NBFC’s in promoting inclusive growth
IB Revenue
India IB Revenue
Syndicated Loan revenue
DCM revenue
M&A fees
ECM fees
0
50
100
150
200
250
300
350
400
0
50
100
150
200
250
300
350
400
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
#$m India Investment Banking Revenue
DCM ECM Loan M&A #Deals
0
2
4
6
8
10
12
14
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2011 2012 2013
#$m Asia (ex Japan) IB Revenue
Net Revenue ($mn) India as % of Asia(ex Japan) as % total IB
FICCI’s Data Centre
78 Role of NBFC’s in promoting inclusive growth
Markets Watch
FICCI’s Data Centre
79Role of NBFC’s in promoting inclusive growth
Financial Sector Events
Synopsis of past events
Member, SEBI 18th February, 2013, Mumbai
Interactive Meeting with Mr. Anand Sinha, Deputy Governor, RBI- February 18, 2013- Mumbai
80 Role of NBFC’s in promoting inclusive growth
Financial Sector Events
Banking and Financial Institutions Committee Meeting4th March, 2013, Mumbai
3.
Insurance and Pensions Committee Meeting5th March, 2013, Mumbai
Partner Exchange
81Role of NBFC’s in promoting inclusive growth
Interactive Meetings with NASDAQ Dubai delegation8th , 2013, New Delhi and 9th, 2013, Mumbai
Financial Sector Events
82 Role of NBFC’s in promoting inclusive growth
Across
Down
1 2 3
4 5 6 7
8 9
10 11
12
13 14 15 16
17
18 19 20
21
22 23
24 25 26
27 28 29
30
31 32
Fintainment SectionCrossword
Notes:
Fintainment Section
83Role of NBFC’s in promoting inclusive growth
Sequestration-
House Money Effect-
28/36 Rule-
(1) On February 28 2013, the Finance Minister cited in his budget speech a quote by an eminent Indian personality whose 150th birth anniversary falls this year. Name that personality
(2) What is the neologism which refers to the global elite of wealthy people whose members view them as completely international?
crisis. Which city is the capital of Cyprus?
Quiz
Financial Fundas
Partner Exchange
Fintainment Section
84 Role of NBFC’s in promoting inclusive growth
1. EconNation
2. Central Banks
3. Moneysage Lite
Question. 1 Question. 2 Question. 3
Jumble
Mangesh Ghogre
Fintainment Section Credits
Fintainment Section
85Role of NBFC’s in promoting inclusive growth
I1
E2
P3
N C4
A S5
H A6
N D C A R R Y S7
C8
R R T D O O M9
U
O E R R N P U B
M10
I D C A P P11
R O S P E C T U S
E I D L M R U I
T D C12
R E D I T C A R D
O L T Y L Y
L13
A R G14
E C A P R15
B I16
F
E R I N U I17
D18
I19
V E R S I20
F I C A T I O N M
M E P S E D21
C F
P22
E N S I O N23
R
O S P L24
E25
U R26
O
R27
U P E E28
A I S E G29
T A T D30
E B T N D
N31
I F T Y N T32
A R P
Answers of Quiz
Answer: 1
Answer: 2
Answer: 3
Answers of Jumble
Answer 1: a - b - c - d - e - f -
Answer 2: a - b - c - d - e - f -
Answer 3: a - b - c - d - -
Solution of Fintainment Section
Fintainment Section
Established in 1927, FICCI is the largest and oldest apex business organisation in India, FICCI’s stand on policy issues is sought out by
Why Partner with FICCI
If already with Ficci, read on to know what else awaits you:
For FICCI’s Membership and anyFeedback/Comments/Subscription& Advertisements in Financial Foresights
Mr. Apoorv SrivastavaEditor-Financial Foresights
INDUSTRY’S VOICE FOR POLICY CHANGE
FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY
Financial Sector DivisionFederation House, 1 Tansen Marg, New Delhi - 110 001