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1/8/2021 Non-banking financiers diversify funding sources

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Non-banking financiers diversify funding sources2 min read . Updated: 08 Jan 2021, 06:17 AM IST

Shayan Ghosh

NBFCs’ market borrowings rose from 41.8% to 42.7% between Jun and Sep last year

For some large non-banks, bank loans as a percentage of total borrowings declined in Jun-Sep period. MahindraFinance’s borrowings in the form of bank loans was down to 26% in Q2 FY21 from 28% in Q1 FY21

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Non-bank financiers are steadily increasing market borrowings to diversify their fundingsources even though they remain heavily dependent on bank loans, showed data fromthe Reserve Bank of India (RBI).

Between June and September last year, non-banking financial companies’ (NBFCs’)share of market borrowings rose from 41.8% to 42.7%, while the share of bankborrowings grew from 29.7% to 31.2% in the same period. This comes after severalquarters of decline in share of market borrowings for NBFCs.

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“As the Reserve Bank required NBFCs to adopt a Liquidity Risk Management Frameworkfrom December 2020, NBFCs gradually swapped their short-term borrowings for long-term borrowings with the aim of maintaining adequate liquidity. In 2020-21 (up toSeptember), share of both market and bank borrowings inched up," a central bank reportsaid on 29 December.



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According to RBI, between April and September, overall bank exposure to NBFCscontinued to grow due to higher direct lending by banks as well as their investments indebentures. The latter, RBI said, was shored up by ample liquidity and the return ofmarket confidence with the Partial Credit Guarantee Scheme (PCGS), Targeted Long-Term Repo Operations (TLTRO) and Special Liquidity Scheme (SLS).

To be sure, bank borrowings continue to grow faster than those from market sources.The market, as in the case of other companies, has been more conducive for larger andwell-rated non-banks.

For some large non-banks, bank loans as a percentage of total borrowings have declinedbetween June and September. Mahindra Finance had 28% of its borrowings in the formof bank loans in the June quarter of FY21. In the September quarter, it was down to 26%.



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However, outstanding bank loans to non-bank financiers have declined between 27March and 20 November, showed RBI data.

Total outstanding loans to NBFCs shrank 2.4% during this period to ₹7.88 trillion. In thesame period, gross bank credit growth was stagnant at 0.3%. “…growth in bank credit toNBFCs has registered a downward trend due to the base effect, risk aversion in bankingsystem due to the covid-19 pandemic and due to investment by banks in NBFCs throughcapital market instruments supported by RBI and the government," a Care Ratingsreport said on 9 December.

The report pointed out that the liquidity covers of NBFCs will be largely dependent oncollections and the ability to raise resources. “With economic activities picking up, thecollection efficiency has gradually improved for large NBFCs in September and October2020," it said. Most large non-banks have said their collection efficiencies have crossed90%, in a sign that their liquidity situation is improving.

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T X DU W HU V RI GHFO L Q H L Q VK DU H RI P DU N HW ERU …...1/8/2021 Non-banking financiers diversify funding sources …