Rs 530-bn banks' exposure to IL&FS critical to financial stability: Report

The borrowing from banks and financial institutions comes to about Rs 630 billion

IL&FS defaults could be catastrophic for the financial system, a report on the progress and the way forward for the group under the new management has said. 

“The cascading impact of the default by the IL&FS group on the financial sector would be quite substantial as evidenced from a partial default of some companies and its repercussions in the financial market in the month of September, 2018,” said the report, submitted with the National Company Law Tribunal (NCLT) on Wednesday. 

“The future impact of more defaults in the group, if not addressed in an orderly manner, may be catastrophic for