CB to meet finance companies on new restrictions

Business

The Central Bank (CB) will meet all finance companies on Thursday to discuss matters pertaining to restricting them from mobilising public deposits, senior CB officials said.

“We want to open this discussion to them,” a senior CB official said adding that this will not be done in the short term and that the regulator is keenly studying the Indian model where finance companies borrow from the banks to carry out their operations. "We'll let the local finance companies utilise their existing deposits and then we want to bring in fresh regulations pertaining to deposit mobilisation and request ideas from the finance companies.” - (DEC)

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