What is IL & FS group?
What is IL & FS group?
Infrastructure Leasing & Financial Services (IL&FS) is a non-banking financial company (NBFC), or ‘shadow bank’. Established over 30 years ago, the conglomerate funds infrastructure projects across India.
Why is IL and FS crisis?
Last September, IL&FS had defaulted on its debt obligations, triggering a liquidity crisis in the financial services market. IL&FS and its subsidiaries owe ₹99,354 crore. The government was swift to act and replaced the IL&FS board with hand-picked nominees in October.
What is the current status of IL&FS?
IL&FS addresses Rs 52,000 crore debt, maintains aggregate resolution at Rs 61,000 crore. The non-bank lender said it has approximately discharged Rs 14,100 crore of debt and has available cash balance of Rs 16,700 crore.
Is Piramal Enterprises a NBFC?
Piramal Enterprises will transform into a large listed NBFC with PHL Fininvest Private merging with the parent. The merged housing finance company, after the DHFL acquisition, will remain a wholly owned subsidiary of Piramal Enterprises.
Where is Ravi Parthasarathy now?
Former non-executive chairman of IL&FS Ravi Parthasarathy died at age 70 in Mumbai on Wednesday morning after a prolonged illness, said media reports. He was suffering from cancer and had been hospitalised in Mumbai since last November. Parthasarathy passed away at his home in Mumbai, a report said quoting his family.
Who is the CEO of IL&FS?
Arun K. Saha (Jan 2011–)Infrastructure Leasing & Financial Services / CEO
What is shadow banking?
Shadow banking is a term used to describe bank-like activities (mainly lending) that take place outside the traditional banking sector. It is now commonly referred to internationally as non-bank financial intermediation or market-based finance. Shadow bank lending has a similar function to traditional bank lending.
Who are the promoters of IL&FS?
IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI).
What is Piramal retail finance?
Financial Services It provides both wholesale and retail funding opportunities across industry sectors. In real estate, the platform provides housing finance and other financing solutions across the entire capital stack such as structured debt, construction finance, flexi lease rental discounting etc.
Who is Ravi Parthasarthy?
Ravi Parthasarathy, the former Chairman of Infrastructure Leasing and Financial Services, passed away on April 27 after a prolonged illness. He would have turned 70 in October this year. Parthasarathy was the Chairman of IL&FS and was seen as a controversial figure in recent years.
Who is Ravi Parthasarathy?
Who is Zoltan Pozsar?
Pozsar was a US macroeconomist and Fed watcher for six years. He is a founding member of the Shadow Banking Colloquium of the Institute for New Economic Thinking, and a former adviser on European affairs to Oriens Investment Management, a CEE-focused merchant bank in his native Budapest, Hungary.
What are the biggest shadow banks?
Here’s a list of examples of shadow banks:
- investment banks, like Goldman Sachs or Morgan Stanley.
- mortgage lenders (ever taken out a Quicken Loan?
- money market funds (here’s an example of a hybrid: Schwab is a broker-investor for money market funds that also has an affiliated bank)
- insurance/re-insurance companies.
Is Piramal a good company?
Is Piramal Enterprises a good company to work for? Piramal Enterprises has an overall rating of 3.8 out of 5, based on over 519 reviews left anonymously by employees. 79% of employees would recommend working at Piramal Enterprises to a friend and 69% have a positive outlook for the business.
Is DHFL now Piramal?
DHFL: Post DHFL acquisition, Piramal Capital to open 100 branches; expand to 1,000 cities – The Economic Times.
What happened to Ravi Parthasarathy?
Who started IL&FS?
IL&FS was formed in 1987 as an “RBI registered Core Investment Company” by three financial institutions, namely the Central Bank of India, Housing Development Finance Corporation (HDFC) and Unit Trust of India (UTI), to provide finance and loans for major infrastructure projects.
Where is Zoltan Pozsar from?
Budapest, Hungary
Pozsar was a US macroeconomist and Fed watcher for six years. He is a founding member of the Shadow Banking Colloquium of the Institute for New Economic Thinking, and a former adviser on European affairs to Oriens Investment Management, a CEE-focused merchant bank in his native Budapest, Hungary.
Are shadow banks regulated?
The shadow banking system consists of lenders, brokers, and other credit intermediaries who fall outside the realm of traditional regulated banking. It is generally unregulated and not subject to the same kinds of risk, liquidity, and capital restrictions as traditional banks are.
What are the 10 banks too big to fail?
Examples of ‘Too Big to Fail’ Companies
- Bank of America Corp.
- The Bank of New York Mellon Corp.
- Citigroup Inc.
- The Goldman Sachs Group Inc.
- JPMorgan Chase & Co.
- Morgan Stanley.
- State Street Corp.
- Wells Fargo & Co.