Mr. A.C. Shah

In the address , Mr. A.C. Shah ( Former CMD of Bank of Baroda And Chairman , RBI's working group of Finance Companies ) pointed out to the RBI that issuing guidelines and provisions every now and then may have a short term effect.But the RBI must give thought to a long term policy stance , a comprehensive legislation and a definite direction to the NBFC sector.He urged the RBI to take a lead role and bring about development effort in creating a market for the NBFC sector just like it did in the 50's for the Development Finance Sector through IFCI.Mr. A.C. Shah also made an invaluable suggestion for creating a Nation wide Centralised Credit Information System and a Common Registry for all borrowers in the economy.On the Occassion Mr. Mahender Kumar ( Manager , Department of Non- Banking Supervision , RBI , Mumbai ) commented on the issue of deposit insurance for depositers in NBFCs.He said that even though insuring of deposits was a nice idea but the Shere Committee has looked into it and concluded that by insurance the efficients in the industry will subsidise the inefficients and the present scenerio is not right for insurance of deposits.At Chandra Lakshmi , we hope that deposit insurance at a reasonable premia is still a good solution for creating goodwill & confidence in the investors and believe that such a facility will be a welcome feature.

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