 "Finance Minister Arun Jaitley")
Indian authorities vowed to support financial markets rocked by growing concerns of defaults by shadow banks. The government will provide adequate liquidity to mutual funds and non-bank financial companies, Finance Minister Arun Jaitley said on Monday. His tweet followed a joint weekend statement from the central bank and capital markets regulator assuring investors they were monitoring the situation and would take necessary steps.
Analysts are warning that India’s shadow banking sector could face a cash crunch after key lender Infrastructure Leasing & Financial Services Ltd missed debt payments and rattled investors Friday. Policy makers are already battling with surging bad loans
