IL&FS may not have disclosed bad loans for years: RBI report

Topics IL&FS | RBI

Indian shadow bank Infrastructure Leasing & Financial Services (IL&FS), which collapsed late last year, may not have disclosed bad loans on its books for years despite a big part of its loan book having soured, a report from India's central bank said. The Indian government took control of IL&FS late last year after it defaulted on some of its debt, triggering wider concerns about risk in the rest of the country's financial system.

The government also appointed a new board. The central bank's report, included in regulatory.

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