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Self-regulatory organisation for non-banking finance companies, named Finance Industry Development Council (FIDC), has been registered with participation of about 350 of the 728 NBFCs in operation in the country.
This marks the coming together of the three existing associations in the industry, namely, the Equipment Leasing Association of India, Federation of Indian Hire Purchase Association and Association of Leasing and Financial Services Companies.
The Council is essentially crafted to monitor and streamline the small and medium NBFCs into a systemised code of conduct. FIDC is also likely to offer some services to its members such drawing up a defaulters’ list in line with the Indian Banks’ Association and the proposed credit bureau. Compilation of industry data is another area of work FIDC is planning to take on.
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