IL&FS may not have disclosed bad loans for years: RBI report

Reserve Bank of India's (RBI) report, dated March 22, 2019, found that non-performing assets on IL&FS's books were as high as 70% of its total loans and advances by March 31, 2018

Indian shadow bank Infrastructure Leasing & Financial Services (IL&FS), which collapsed late last year, may not have disclosed bad loans on its books for years despite a big part of its loan book having soured, a report from India's central bank said.

The Indian government took control of IL&FS late last year after it defaulted on some of its debt, triggering wider concerns about risk in the rest of the country's financial system. The government also appointed a new board.

The central bank's report, included in regulatory filings by IL&FS on Wednesday, found that IL&FS, one of India's biggest non-banking