[INDIAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Indian economic news to share with you which is as undermentioned.
MUMBAI: The liquidity squeeze that has gripped non-banking finance companies(NBFC) has dealt a blow to India’s short-term debt industry. Commercial paper (CP) sales by financial firms, which often borrow f rom the markets for onward lending to both companies and individuals, have plunged to about a third of what they used to be.
Financial companies sold Rs 54,113 crore of commercial papers in October, which was 65% down compared with Rs 1,53,165 crore of average monthly sales in July and August, showed data compiled by Edelweiss. CPs are short-term debt instruments, usually with one, two, or threemonth maturities.
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