The Finance Minister, Shri Arun Jaitely
presenting the Union Budget 2015-16, here today, said that the government is
committed to increasing access of the people to the formal financial system. In
this context, Government proposes to utilize the vast Postal network with
nearly 1,54,000 points of presence spread across the villages of the country .
The Minister hoped that the Postal Department will make its proposed Payments
Bank venture successful so that it contributes further to the Pradhan Mantri
Jan Dhan Yojana.
Shri Jaitley said that to bring parity in regulation of Non-Banking Financial Companies (NBFCs) with other financial institutions in matters relating to recovery, it is proposed that NBFCs registered with RBI and having asset size of Rs. 500 crore and above will b considered for notifications as ‘Financial Institution’ In terms of the SARFAESI Act, 2002.
Shri Jaitley said that to bring parity in regulation of Non-Banking Financial Companies (NBFCs) with other financial institutions in matters relating to recovery, it is proposed that NBFCs registered with RBI and having asset size of Rs. 500 crore and above will b considered for notifications as ‘Financial Institution’ In terms of the SARFAESI Act, 2002.
Source :
PIB
