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Govt fears NBFC defaults in next 6 weeks if not provided liquidity support

Nearly Rs 2 trillion ($27.23 billion) of NBFC and HFC debt is due for redemption by the end of December, the DEA said in its letter


India's Department of Economic Affairs (DEA) fears significant default from large non-banking finance companies (NBFC) and housing finance companies in the next six weeks if no additional liquidity support is provided to these firms, business news website MoneyControl said on Friday. The DEA, in a letter to the Ministry of Corporate Affairs, described the financial situation as "still fragile" when discussing the financial stability impact of the Infrastructure Leasing and Financial Service Ltd's (IL&FS) default, the website said. A string of defaults at IL&FS ...

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First Published: Fri, November 02 2018. 18:39 IST