Published on 30 May 2024 on Reuters via Yahoo Finance
By Jaspreet Kalra and Siddhi Nayak
MUMBAI (Reuters) - The Reserve Bank of India's (RBI) increased scrutiny of banks and other financial firms has resulted in a spate of supervisory restrictions, most recently on two Edelweiss Group companies for engaging in 'evergreening' of distressed assets.
On Tuesday, the RBI said Edelweiss Asset Reconstruction Co Ltd (EARCL) and non-banking firm ECL Finance (ECL) had entered into a series of structured transactions for evergreening some stressed loans, barring both firms from acquiring financial assets or undertaking structured transactions.