The Reserve Bank of India (RBI) rejected Infrastructure Leasing and Financial Services’ (IL&FS’s) suggestion that commercial banks should extend financing to holding companies in the infrastructure sector, shows a draft report by Grant Thornton (GT).
The report contains the screenshot of an email of March 2016, in which former chairman of IL&FS, Ravi Parthasarathy, informs key management persons including former vice-chairman Hari Shankaran that he had met RBI Deputy Governor R Gandhi and told him about the genesis of such holding companies and advantages of the platform. ...
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