New NBFCs asked to offer factoring services

New NBFCs asked to offer factoring services. According to the General Manager of Small Industries Development Bank of India (SIDBI), Mr Mr K.I. Mani, new Non-Banking Finance Companies (NBFCs) should register themselves with the Reserve Bank of India (RBI) to offer factoring activities.

Speaking at a seminar on factoring, its potential and opportunity, in Hyderabad on Friday, Mr Mani said the Union Government had special measures to enact a separate Factoring Act.

“This is likely to create a favorable legal environment in the economy for providing factoring services and is expected to benefit micro, small and medium enterprises,” he added.

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