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FIDC wants top priority status for road transport finance
PM News Bureau
The Finance Industry Develo-pment Council, a self-regulatory organisation for registered NBFCs, wants the government to treat road transport finance on par with housing finance. According to FIDC, each commercial vehicle manufactured, sold and financed in this country gives direct and indirect employment to minimum six persons. Also, the potential for the commercial vehicle financing in India is estimated at Rs 15,000 crore and is growing at a fast pace. Therefore, in its Budget Memorandum to the finance ministry, FIDC has requested the government to give equal importance to both road transport finance as well as housing finance. It wants the government to set up a new finance corporation for road transport finance that will act as a refinancing corporation for NBFCs engaged in road transport financing. Also, FIDC wants the benefits of Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act to be extended to the NBFCs.
FIDC wants top priority status for road transport finance
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