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Level-field for asset financing companies sought

Special Correspondent

CHENNAI S. Viji, Chairman of Sundaram Finance, has yet again sought level-field for asset financing companies.

Addressing the annual general meeting of the company here on Thursday, he urged the Finance Ministry to treat the asset financing firms on a par with banks and housing finance companies on the issue of tax. Mr. Viji felt that the asset financing companies merited the same tax treatment as banks and housing finance firms with regard to income recognition and provision in respect of non-performing assets.

He also urged the Reserve Bank of India to reduce the risk weightage on assets with lower risk profiles such as commercial vehicles and cars. This was essential to differentiate them from other classes of assets which carried higher risks, he added. He also called for a structured funding mechanism for small and medium asset financing companies which had played a vital role in delivering credit to the road transport sector.

While exuding optimism on growth prospects for the commercial vehicle segment, Mr. Viji, however, cautioned against repeating the ?irrational exuberance' of the past which led to excess capacity creation.

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