Market crisis in India: Scare caused by 2 NBFC; Centre, watchdogs on standby
On Wednesday, a senior government advisor said that the government and regulators would make every effort to prevent the risk of "contagion" in credit markets resulting from a scare caused by two non-banking financial companies (NBFC).
Investors were unnerved after one of the biggest NBFCs in India - Infrastructure Leasing & Financial Services (IL&FS) - this month defaulted on a series of its coupon payments. Image Source: Reuters