For the year 2018-19, all the non-banking financial companies’ (NBFCs) including housing finance companies have to implement the Indian Accounting Standards (Ind AS), said R Varadarajan, Managing Director, Repco Home Finance, after the centre rejected their requests.

Speaking to CNBC-TV18, Varadarajan said that provisions have to be made as per National Housing Bank’s (NHB) guidance and Ind As, whichever is higher.

“As per the Ministry of Corporate Affairs’ notification, all NBFCs have to calculate as per Ind As norms only but Reserve Bank of India (RBI) has to come out with some clarificatory circular what is the minimum level they are expecting,” he added.

Talking about competition in business, Varadarajan said, “Competition is bound to be there but as far as my company is concerned, we have a niche segment particularly low ticket size in tier–II, tier-III cities. I do not think it will adversely affect.”