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The Reserve Bank of India should provide more liquidity to non-banking finance companies (NBFCs) in a bid to boost lending, Economic Affairs Secretary Subhash Chandra Garg said in an interview to the Economic Times newspaper.
A liquidity crunch had hit India's shadow banks in September and October after a major infrastructure funding company defaulted on a series of debt obligations spreading panic among other NBFCs.
The RBI has since then been conducting open market purchase of bonds to infuse adequate cash into the banking system along with other measures to ease refinancing ability of the NBFCs.
"This situation still requires support of liquidity
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