 "Illustration by Ajay Mohanty")
The Reserve Bank of India (RBI) has asked IL&FS Financial Services to reduce debt exposure in all IL&FS group entities by March 2019, in conformity with the regulations on group debt exposure for non-banking financial companies (NBFCs).
The RBI asked IL&FS Financial Services, a 100 per cent subsidiary of IL&FS, to bring its exposure down within a year, after the inspection revealed norms on capital adequacy ratio (CAR) and group exposure limits were breached in March.
As on March 31, the NBFC’s exposure to the top 10 group firms was around 26 per cent of total credit exposure and 208
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