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RBI prescribes tighter norms for NBFC to lend against shares

RBI prescribes tighter norms for NBFC to lend against shares The Reserve Bank of India has prescribed rules including loan to value ratio for non banking finance companies (NBFCs) to lend against shares. The banking regulator took this step to avoid volatility in capital market triggered by offloading of shares by NBFCs. Under new rules, finance companies will have to keep Loan to Value (LTV) ratio of 50% all along to loans given against shares. The total capital market-related loan book of NBFCs has been estimated to be at Rs 35,000 crore, according to market sources. Margin funding is said to account for Rs 5,000-8000 crore, with the rest of it related to promoter financing. "The principle seems to be to bring in place some alignment...There may be a limited short-term impact but overall, it should not have too much of a negative impact," said R Venkataraman, Co-Promoter and Managing Director of India Infoline. There have previously been attempts to address a...
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