RBI's new guidelines would help reduce volatility in the capital markets, arising from NBFCs offloading shares pledged by borrowers who have defaulted on loans
The Reserve Bank of India (RBI) on Thursday introduced a minimum set of guidelines on lending against shares, especially for non-banking finance companies (NBFCs). This will help reduce volatility in the capital markets, arising from NBFCs offloading shares pledged by borrowers who have defaulted on loans, the central bank said.
According to the guidelines which are only applicable to NBFCs with assets of Rs100 crore and above, NBFCs have to maintain a loan-to-value -LTV (of shares pledged) of 50% and accept only Group-1 securities as collateral, for loans valued at more than Rs5 lakh.
NBFCs also have to ensure that these do not in any way come in the way of meeting the requirements of genuine borrowers, RBI said.
The guidelines come into effect immediately.
All NBFCs with assets of Rs100 crore and above should report online to stock exchanges, any information on shares pledged to borrowers to avail of loans.
Easy availability of medical records will help patients avoid approaching courts or quasi judicial bodies for remedy
The Law Ministry on Thursday said, patients have a right to get their medical records from hospitals and the Health Ministry should issue instructions to ensure that such documents are not denied.
Against the backdrop of a Central Information Commission (CIC) judgement ordering disclosure of information to a former official of the Research and Analysis Wing (RAW), the Law Ministry has pointed out that “most of the time the hospital authorities do not provide details of the medical record or the treatment given to a patient.”
Nisha Priya Bhatia, a former official of RAW, had sought her medical records from the Institute of Human Behaviour and Allied Sciences where she was admitted on orders of Delhi High Court.
In a letter to Union Health Secretary Lov Verma, Union Law Secretary PK Malhotra has said that according to the CIC’s 23rd July order, a patient has a right to his/her medical record which is rooted in Article 19 and 21 of the Constitution and the hospital authorities have a duty to provide the same under RTI Act, Consumer Protection Act, Medical Council Act and world medical ethics dealt with constitutional rights.
“If there are existing instructions to this effect, the same need to be reiterated and the concerned authorities sensitised about the same,” Malhotra wrote.
He said if there are no existing instructions, the Health Ministry may consider issuing suitable orders or rules so that patients get copies of their medical record including details of treatment, “as a matter of right.”
Sources in the Law Ministry said, easy availability of medical records will help patients avoid approaching courts or quasi judicial bodies for remedy.
He said the instructions can be issued based on the CIC order.