Wires

India cenbank to begin bankruptcy proceedings against shadow lender DHFL

BENGALURU, Nov 20 (Reuters) - The Reserve Bank of India on Wednesday said it will initiate bankruptcy proceedings against shadow lender Dewan Housing Finance Ltd (DHFL).

The central bank has https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR1230B512C2DDF8D545A1AB1BD5C C B 6 2 0 6 4 8 4 . P D F superseded the board of DHFL and appointed an administrator owing to governance concerns and defaults in meeting various payment obligations, it said.

Debt-laden DHFL is one of India's top defaulters, and owes close to 1 trillion rupees ($14 billion) to its debtors, which include banks and mutual funds.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Bernard Orr)