RBI to resolve first non-bank under revised bankruptcy code
Move could set precedent for wider financial sector clean-up as fallout from liquidity crunch continues
The Reserve Bank of India (RBI) has put a non-bank firm into insolvency proceedings, in a move that could set a precedent for a wider clean-up of stressed firms.
On November 20, the central bank said it was taking action against Dewan Housing Finance, a major non-bank lender that collapsed earlier this year.
The move is the first time the RBI has put a non-bank into insolvency under India’s revised bankruptcy code. The ministry of corporate affairs cleared the way for the move last week by
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