The Reserve Bank of India's (RBI) guidelines for Non-Banking Financial Companies (NBFC) will not impact earnings but will ease liquidity as it focuses solely on short-term liquidity management without any reforms on medium- to long-term funding management as is the case with some Housing Finance Companies (HFC), said Motilal Oswal.

"We don’t expect any material impact on earnings due to these guidelines. We continue to expect a few liquidity easing measures for NBFCs in ensuing months," it said.

The RBI proposed a set of guidelines for large NBFCs to help them deal with severe liquidity problems and prevent re-occurrence of IL&FS type of debt crisis. As per the proposal, a Liquidity Coverage Ratio (LCR) regime would be introduced in all deposit taking NBFCs and non-deposit taking shadow banks with an asset size of Rs 5,000 crore and above in a phased manner.

Among others, the draft guidelines also cover application of generic asset liability management (ALM) principles, granular maturity buckets in the liquidity statements and tolerance limits, liquidity risk monitoring tool and adoption of the 'stock' approach to liquidity. It also enhances transparency via increasing the borrower details on the liability side.

“Margins and return on asset (RoA) would be marginally impacted by the drag from excess liquidity. ALM mismatches in the shorter duration buckets are typically more pronounced in the case of housing finance companies (HFCs) and corporate lenders, compared to other retail NBFCs and HFCs”, said the report.

"It further added that the RBI’s 1-30 day bucket in the ‘Statement of Structural Liquidity’ has now been bifurcated into granular buckets of 1-7 days, 8-14 days and 15-30 days. This increased monitoring is likely to prove beneficial over the longer term," it added.

The guidelines are positive from the longer-term perspective and should also enhance transparency, Motilal Oswal said.

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