India to begin bankruptcy proceedings against shadow lender DHFL

India to begin bankruptcy proceedings against shadow lender DHFL

India’s central bank on Wednesday said it will begin bankruptcy proceedings against Dewan Housing Finance Coporation Ltd (DHFL), a move that puts the country’s ailing shadow banking sector back in the spotlight.

DHFL’s owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors.

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