Ailing Nbfcs

LETTERS TO THE EDITOR

Finally, the country has a government led by the genuine opposition. This is so because all the previous prime ministers were either Congressmen or ex-Congressmen. The Bhartiya Janata Party, as the opposition party, used to criticise almost all the policy decisions taken by the erstwhile ruling parties.

For instance, it staged a walk-out in Parliament when the NBFC regulatory bill was passed sometime in January 1997. The bill imposed very tight regulations on the NBFCs as regards collecting deposits from the public. After this, it had become almost impossible for the smaller NBFCs to survive.

It remains to be seen whether the new government will make necessary amendments in the bill to breathe new life into the ailing NBFCs.