Some key non-banking financial companies (NBFCs) told PM Narendra Modi that over regulation is affecting liquidity and hurting the sector, reported Business Standard.

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According to the report, some NBFC firms, backed by Assocham, met Modi on Wednesday to gather support for easier regulatory norms.

They also complained to the government that the ‘fund raising activity still remains highly restricted, creating a fund crunch.’

The meeting, as per the report, was attended by Dinanath Dubhashi, managing director and chief executive, L&T Finance Holdings, Raman Aggarwal, chairman, Finance Industry Development Council, and Umesh Revankar, managing director of Shriram Transport Finance Corporation.

The PMO, according to a senior member of the industry, has asked the industry executives to bring all relevant parties to the table, the report added.

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