Some 20-22 MFIs will take part in the first tranche, while another 7-8 will pool in their loans for the second.
In case of any stress building up, RBI promised to fulfill central bank's role as the lender of last resort.
The All India Bank Officers Confederation (AIBOC) said the strike call on December 21 against Indian Banks' Associations move to leave officers in scale IV and above out of the bipartite wage settlement ambit.
The bank unions' strike will severely affect banking services severely around the Christmas holidays.
The fresh capital will help the lender meet Tier I capital requirement for the financial year.
The government had earlier set a target of setting NCLT in about 24 locations but so far NCLT courts exist in only 14 cities, including new locations such as Cuttack, Kochi and Jaipur.
The JV company will begin with Rs 20 crore paid-up equity and both partners will raise their investment subsequently.
The global rating firm projected India's real GDP to grow 7.2 per cent.
"It is far below our expectation. We have urged upon them to improve their offer," said Rajen Nagar, president at All Indian Bank Employees Association.
Banks had however lent support to NBFCs by purchasing loan portfolio from them to help them tide over in liquidity crunch.
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