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Topic: IL&FS Financial Services
RBI under Patel has been pushing for more powers to clean up bad debts, but the Modi government wants banks to continue lending
India’s credit rating industry has come under scrutiny after firms that assessed IL&FS failed to see the financial troubles brewing at the financier.
IL&FS has missed more than 5 debt payments since August and is trying to settle the matter with creditors outside the insolvency courts.