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India central bank to boost liquidity for NBFCs, set up fraud monitoring system

The Reserve Bank of India announced new measures to improve liquidity for nonbanking financial companies, as well as to create a central registry for fraud information in the payments sector.

The central bank said Aug. 7 it plans to raise a bank's exposure limit to a single NBFC to 20% of the bank's Tier 1 capital, up from 15% currently. Banks will also be able to offer up to 1 million rupees of loans to NBFCs per borrower from the agricultural sector, and up to 2 million rupees per borrower from the micro and small enterprise sector.

The RBI also plans to create a centralized system to monitor and track frauds in the payment systems in near real time. A detailed framework for the so-called central payment fraud registry will be put in place by the end of October.

The central bank will also make the National Electronic Funds Transfer payment system available round-the-clock from December.

As of Aug. 6, US$1 was equivalent to 71.04 Indian rupees.