 "IL&FS")
IL&FS Financial Services, a subsidiary of IL&FS, said it defaulted on Rs524.3 million of short-term deposit due September 27 and Rs1.04 billion of term deposit due on September 25. The company has also failed to make payments for five bank loans which was due between September 12-26 amounting to Rs2.85 billion.
The Reserve Bank of India (RBI) has asked IL&FS Financial Services to reduce debt exposure in all the IL&FS group entities by March 2019 in conformity with the RBI’s regulations on non-banking financial services on group debt exposure. IFIN’s exposure to group entities is close to 26 per cent
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