Govt adopted 'comprehensive approach' towards NBFCs: Nirmala Sitharaman

New Delhi, Jul 05 (ANI): Union Finance Minister Nirmala Sitharaman described the Non-Financial banking Companies (NBFCs) as a "critical component" of the banking system, and said the government has adopted a "comprehensive approach" towards the alternative lending sector. "Non Banking Financial Companies (NBFC) are a critical component of our banking system. The Government has adopted a comprehensive approach for NBFC financing," Sitharaman told reporters after presenting the Union Budget in the Parliament. NBFCs are reeling under massive credit crunch for the last year, and the community has asked the government to take suitable actions to ease up the liquidity flow. Reserve Bank of India had announced earlier this year a separate credit window for NBFCs to address the credit crunch.