RBI has been trying to tighten regulatory norms on the sector since Infrastructure Leasing & Financial Services, the largest nonbank financial company, went bankrupt in 2018, and Dewan Housing Finance Corp and Altico Capital defaulted on payments in 2019

Three NBFCs whose registrations were cancelled are UP-based Abhinav Hire Purchase, Gurugram-based Jupiter Management Services and Assam-based NE Leasing and Finance

Reliance Home Finance, part of Anil Ambani-promoted Reliance Group, recently got bids from six suitors as part of the debt resolution process

The proceeds of the sale of this asset would be distributed in accordance with the resolution framework approved by the NCLT

The cash-strapped group has, however, maintained its earlier estimates of addressing more than 50 per cent of the overall debt of over Rs 99,000 crore as of October 2018

The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021

That shadow banking was at the core of the financial sector meltdown that led to the Great Recession of 2007-08 is well documented and so is the fact that it remains big and powerful enough to cause serious financial crisis and yet, India and the US continue to promote it

RBI has warned that economic disruptions may intensify systemic risks to India's financial sector primarily because NBFCs remain vulnerable with their deteriorating asset quality and reluctance of the market to lend them money. On the global front, there is little to cheer about shadow banking

Apart from rise in financial frauds in private companies in India, recent years have also witnessed a rise in the role of shell companies and tax havens in their operations, raising further concerns about illicit operations

Udayan Sen, former CEO of Deloitte India, was the main Engagement Partner for Deolitte Haskin and Sells in the statutory audit of IL&FS Financial Services for the year 2017-18

IL&FS Group's new board, headed by veteran banker Uday Kotak, expects the company to address over Rs 57,000 crore of debt, with around Rs 50,500 crore likely to be addressed by March 2021

The new board, led by banker Uday Kotak, was appointed by the government in 2018 after a series of defaults by IL&FS and its group companies triggered concerns of a bad debt crisis in India's shadow banking sector

Government is considering a policy decision to not allow companies from any country which does not permit Indian firms to participate there to bid for projects in India

Even before the crisis, most of them were already bleeding. After the lockdown, it will take a while before the grounded planes resume service

Companies with low financial liabilities and high liquidity on their books have better chance to tide over the coronavirus-triggered deep slowdown

Reports say that the global investors including Brookfield, Omers, Mubadala and ADIA are in early stage discussions with Tata Power to invest around $500-600 million in its renewable energy InvIT

Shell companies are intrinsic to the global and Indian economy, but they require a high level of oversight to prevent them from becoming conduits for illicit financial flows

Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

The issue would be taken up at the central board of trustees (CBT) meeting of the EPFO on March 5. The Finance Investment and Audit Committee (FIAC) would take the final call before the CBT meeting 

With regard to health of the shadow banking sector, Governor Das said RBI has been monitoring the top 50 NBFCs very closely