India’s RBI raised red flags over troubled IFIN’s finances

India’s central bank had reportedly warned troubled IL&FS Financial Services (IFIN), a subsidiary of Infrastructure Leasing & Financial Services (IL&FS), about its precarious financial situation, but no remedial action was taken. In recent weeks, IL&FS and IFIN have defaulted on repayment of debts. In its annual inspection report for the year 2014-2015, the Reserve Bank […]