FIDC elects a New Chairman

The Managing Committee of Finance Industry Development Council (FIDC), which is the representative body-cum-Self Regulatory Organization for Non Banking Finance Companies, engaged in Asset Financing have unanimously elected Mr. Raman Aggarwal as their new Chairman. Mr. Raman Aggarwal has more than 24 years of working experience in the NBFC sector and is currently working as Senior Vice President with SREI Equipment Finance Ltd., which is the leading financier of construction and mining equipment in India. He is one of the promoters of FIDC and was the Co-Chairman for the initial period of 6 years. He has been a member of the Key Advisroy Group on NBFCs setup by Ministry of Finance and is currently the Co-Chairman of the National Council of NBFCs at ASSOCHAM

FIDC, a self regulatory organisation, was formed by non-banking financial companies which are registered with the RBI and authorised to accept public deposits. The Council is essentially crafted to monitor and streamline the small and medium NBFCs into a systemised code of conduct. But it will also have the participation of the big NBFCs.

The main objective of FIDC is to work towards bringing discipline amongst FIDC members by enforcing a model code of conduct, besides presenting a unified face of this sector to the regulators and other authorities for more effective understanding of our problems and issues.