 "reserve bank of india, rbi")
The Reserve Bank of India (RBI) has decided to conduct a special audit of Infrastructure Leasing & Financial Services (IL&FS) after it defaulted on Rs 10 billion worth of inter-corporate deposits raised from Small Industries Development Bank of India (Sidbi). The RBI will likely investigate why the investment company did not inform it beforehand about its financial position.
A source said when a core investment company defaults, it is a standard procedure for the RBI to conduct a special audit. Another source, however, said the audit is being done after Sidbi requested the banking regulator to do so.
Both IL&FS
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