Tough times for NBFCs

India’s non-banking financial companies (NBFC) sector is roiled by a series of defaults by the Infrastructure Leasing & Financial Services (IL&FS) group of companies. The NBFC’s crisis has also been called as India’s “Lehman Moment” since it can have “contagion impact” on the entire Indian Economy due to the exposure of IL&FS to various banks and financial Institutions.

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