Driven by excellence, focused on strategies for the longer term.

This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

Deep sectoral expertise across services and industries.

Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

Personal commitment supported by experience and grit.

We commit early. We pull together internally for greater support. Every effort is sincere, every individual deeply dedicated to their task, their role, to the Firm.

Our undertakings for long-term impact are an organic extension of our purpose.

They are to employ our deep knowledge of the law beyond the business, the transaction, the deal. To use the opportunities and skills we possess, to reflect on the culture we’re creating. Individually and collectively, these are our efforts to help shape the thinking of our future generations, and arm them with strategies for true, sustainable growth.

Knowledge-sharing is intrinsic to equity and inclusivity.

This is a repository of thought leadership, deep insights and strong viewpoints, legal and other news and events and how they impact the industry and our clients.

Relevance is critical to growth. It necessitates a firm that is dynamic and responsive.

Amplifying intrinsic talent, sharpening skills, expanding knowledge, is vital to leading. It defines every aspect of how our firm functions and transacts. This is how we create new benchmarks and set industry standards.

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Mar 30, 2020

Extension of Eligibility for Bank Credit to Registered Non-Banking Financial Companies for On-lending as Priority Sector Lending

Under a Circular dated August 13, 2019 titled ‘Priority Sector Lending – Lending by banks to NBFCs for On-Lending’, bank credit to registered non-banking financial companies (‘NBFCs’) (other than micro finance institutions) for on-lending was eligible for classification as priority sector lending under certain categories up to March 31, 2020. RBI has, by a Circular dated March 23, 2020, extended the erstwhile priority sector classification for the financial year 2020-21. It has further clarified that the existing loans disbursed under the on-lending model will continue to be classified under priority sector till the date of repayment/maturity. Bank credit to registered NBFCs (other than micro finance institutions) and housing finance company for on-lending will now be allowed up to an overall limit of five percent of individual bank’s total priority sector lending. The eligible portfolio under on-lending mechanism is to be computed by averaging across four quarters, to determine adherence to the prescribed cap.

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DISCLAIMER

These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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