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EXCLUSIVE
INDIA MICROFINANCE INSTITUTIONS HAVE RS 33,000 CRORE OF BAD LOANS DESPITE BETTER
COLLECTIONS, INDUSTRY BODY SAYS
Recovery has improved compared to the previous quarter and reached almost 99% in
some states. However, Assam, West Bengal, Kerala, Tripura, and Chhattisgarh are
among the major states which have shown below average recovery and are a drag on
the overall asset quality.
* Atmadip Ray
* ET Bureau
* August 18, 2022, 08:00 IST
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About 12% of the overall microfinance loans of Rs 2.76 lakh crore have remained
non-performing assets (NPA) at the end of June despite improvement in overall
repayment collection, microfinance industry body Sa-Dhan said.
This translates into Rs 33,000 crore of NPA.
"Recovery has improved compared to the previous quarter and reached almost 99%
in some states. However, there are still certain geographies where collection is
below the normal. For example, the collection efficiency in Assam stands at
50-55%," Sa-Dhan said in its quarterly report.
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Assam, West Bengal, Kerala, Tripura, and Chhattisgarh are among the major states
which have shown below average recovery and are a drag on the overall asset
quality.
The overall sectoral NPA is around 12% as of the end of June 2022, but NBFC-MFIs
as a group have 9% of their Rs 9,7849 crore portfolio as NPA.
The sector has grown 24% year-on-year to Rs 2.76 lakh crore at the end of June
from Rs 2.22 lakh crore.
“The sector has overcome the difficulties of pandemic and is now on track.
Although it was busy in implementing the new RBI regulations during Q1, it has
clocked a healthy growth," Sa-Dhan executive director Jiji Mammen said.
"Though funds flow to the sector has improved, but still some smaller MFIs find
it difficult in accessing funds from banks. We are working towards removing this
gap,” he said.
Portfolio of all lenders recorded double digit growth, except for banks.
Non-bank lenders have shown 55% jump in loan outstanding followed by NBFC-MFIs,
small finance banks and not-for-profit MFIs which have recorded 35%, 28% and 21%
growth respectively.
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NBFC
* 5 hrs ago
ASSET QUALITY OF NBFC SECTOR DETERIORATED IN Q3FY22: RBI PAPER
* 3 days ago
MICROFINANCE SECTOR'S LOAN PORTFOLIO GROWS 24 PC TO RS 2.75 LAKH CRORE IN
APRIL-JUNE: REPORT
* 3 days ago
INDIA'S NBFCS ON A STRONGER WICKET NOW, RBI ECONOMISTS SAY
* 4 days ago
INDIA MICROFINANCE INSTITUTIONS HAVE RS 33,000 CRORE OF BAD LOANS DESPITE
BETTER COLLECTIONS, INDUSTRY BODY SAYS
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* 1 hr ago
‘EMPHASIS ONLY ON COMPLIANCE CAN HAVE IMPLICATIONS FOR BANK SOUNDNESS,’ SAYS
RBI STUDY
* 5 hrs ago
ASSET QUALITY OF NBFC SECTOR DETERIORATED IN Q3FY22: RBI PAPER
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EXCLUSIVE
ASSET QUALITY OF NBFC SECTOR DETERIORATED IN Q3FY22: RBI PAPER
The study showed that the retail sector accounted for 31.3 percent of NPAs of
the NBFC sector at the end of Q3:2021-22. The vehicle loans added more impaired
assets to the sector relative to their share in the credit.
* ETBFSI
Click Here to Read This Story
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A study conducted by the researchers, published by the Reserve Bank of India
(RBI), said that the asset quality of the non-banking financial companies (NBFC)
sector deteriorated in Q3FY22 with the rollback of regulatory forbearances, even
as the companies’ balance sheets grew faster and bottom lines improved.
As per the study, the asset quality of NBFCs, which had worsened due to the
second wave of the pandemic, stabilised during Q2:2021-22.
However, an uptick in GNPA and NNPA ratios was witnessed in Q3:2021-22 as NBFCs
absorbed the impact of revised income recognition asset classification and
provisioning (IRACP) norms.
The deterioration in asset quality was possibly also attributable to rolling
back of regulatory forbearance provided to individuals and small businesses
under the Resolution Framework 2.0 by directing NBFCs to invoke it only for
borrowers having stress on account of COVID-19 (effective September 2021).
“It is expected that these measures will be beneficial in the long run as NBFCs
will focus on developing better collection processes and encourage credit
discipline among their borrowers while bridging the regulatory gap between banks
and NBFCs,” it said.
Credit and NPAs of NBFCs
The study showed that the Industrial sector, particularly the micro and small
and large industries, which were among the worst hit by the pandemic, showed
signs of revival.
The services sector showed consistent improvement in credit growth for the last
three quarters. Within the services sector, transport operators, trade, and
commercial real estate (CRE) grew at a robust pace.
“Credit to agriculture and allied activities continued to perform well,
registering a robust growth of 13.9 percent in December 2021 over December
2020,” it mentioned.
The study claimed that within the industry, power was the largest recipient of
credit from NBFCs on account of the presence of many large government-owned
NBFCs which operate in this segment. Its share was 33.7 percent in overall
credit extended by NBFCs as of end-December 2021.
In the retail sector, NBFCs largely operate in the vehicle loans segment,
followed by the gold loans segment. The vehicle loans added more impaired assets
to the sector relative to their share in the credit.
The study showed that the retail sector accounted for 31.3 percent of NPAs of
the NBFC sector at the end of Q3:2021-22.
In the services sector, CRE accounted for the largest share of NPAs. NPAs of the
CRE segment increased significantly in Q1:2021-22 after the regulatory
forbearance ended and have continued to remain elevated till Q3:2021-22.
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EXCLUSIVE
MICROFINANCE SECTOR'S LOAN PORTFOLIO GROWS 24 PC TO RS 2.75 LAKH CRORE IN
APRIL-JUNE: REPORT
* PTI
Click Here to Read This Story
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Mumbai, Aug 17 (PTI) Microfinance industry witnessed a growth of 24 per cent in
its loan portfolio at Rs 2,75,750 crore during the April-June quartr as against
Rs 2,22,307 crore in the year-ago period, a report said on Wednesday. The
portfolio of all lenders stood at Rs 2,62,599 crore as on March 31, 2022,
according to the report released by Sa-Dhan, an RBI recognised Self-Regulatory
Organisation (SRO) for microfinance institutions.
Barring banks, the portfolio of all lenders recorded double-digit growth. The
microcredit portfolio of banks rose 9.23 per cent to Rs 1,04,762 crore.
NBFCs (Non-Banking Financial Companies) have shown a significant growth of 54.62
per cent at Rs 24,870 crore. NBFC-MFIs, Small Finance Banks (SFBs) and
Not-For-Profit MFIs (NFPs) have recorded growth of 35.18 per cent, 27.66 per
cent and 20.71 per cent, respectively.
"The sector has overcome the difficulties of the pandemic and is now on track.
Although it was busy in implementing the new RBI regulations during Q1, it has
clocked a healthy growth," Sa-Dhan's Executive Director and CEO Jiji Mammen said
in the report.
Total disbursement of all lenders during April-June stood at Rs 57,842 crore as
compared to Rs 27,328 crore during the same quarter of last year.
However, disbursement was down around 35 per cent compared to the previous
quarter (Q4 FY22) as lenders were fine-tuning their disbursement policy as per
the new regulations, the report said.
The recovery in the sector saw improvement compared to the previous quarter, and
it reached almost 99 per cent in some states, it said.
However, there are still certain geographies where collection is below the
normal. For example, the collection efficiency in Assam stood at 50-55 per cent.
The overall sectoral NPA (Non-Performing Asset) was around 12 per cent as of the
end of June 2022, but it was 9 per cent for NBFC-MFIs.
As of June 30, 2022, Portfolio at Risk (PAR) 30+ (loans due over 30 days)
improved to 5.07 per cent from 5.27 per cent in Q4 FY22.
PAR 60+ (due over 60 days) deteriorated to 3.60 per cent from 3.55 per cent in
Q4.
Assam, West Bengal, Kerala, Tripura, and Chhattisgarh are among the major states
which have PAR 30+ levels higher than the national average of 5.07 per cent, the
report said. PTI HV HVA
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EXCLUSIVE
INDIA'S NBFCS ON A STRONGER WICKET NOW, RBI ECONOMISTS SAY
Based on supervisory data, in quarter-ending December 2021, the consolidated
balance sheet of NBFCs grew at a faster pace than the corresponding period in
the previous year. The bottom lines of the NBFC sector also improved in Q2 and
Q3: 2021-22 with the waning of the second wave of COVID-19.
* Gayatri Nayak
* ET Bureau
Click Here to Read This Story
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Confidence in NBFCs seems to be strengthening as a study published in the latest
RBI bulletin shows that besides a double-digit growth in their balance sheet in
2021 and improved profitability, their capital position is stronger and also the
gap between the spreads of AAA/AA- rated NBFC bonds has began to reduce to reach
pre-Covid levels.
Based on supervisory data, in quarter-ending December 2021, the consolidated
balance sheet of NBFCs grew at a faster pace than the corresponding period in
the previous year. The bottom lines of the NBFC sector also improved in Q2 and
Q3: 2021-22 with the waning of the second wave of COVID-19.
With strong capital buffers, adequate provisions, and sufficient liquidity on
their books, NBFCs are poised for expansion. "Nevertheless, going forward, as
the economy recovers, NBFCs need to be wary of rising borrowing costs on account
of normalisation of monetary policy" said the authors of a study titled "A
Steady Ship in Choppy Waters: An Analysis of the NBFC Sector in Recent Times"
published in the latest RBI Bulletin. The views expressed in this article are
those of the authors and do not represent the views of the Reserve Bank of
India.
Further, while NBFCs have largely realigned their business models by leveraging
digital channels to improve their accessibility and acquisition of new
customers, this might prove to be a challenge for smaller NBFCs which may have
to ramp up their technological capabilities, the authors said.
NBFCs also need to remain more vigilant about cybercrimes. Another challenge is
to build upon strong governance and risk management standards to gain
stakeholder confidence warned the study.
But asset quality of the sector deteriorated in Q3:2021-22, which could be
partly attributed to NBFCs adapting to the changes in IRACP norms as well as
rolling back of regulatory dispensation under Resolution Framework – 2.0 for
individuals and small businesses.
Bank-like regulatory initiatives such as PCA and IRACP norms would further
bridge the gap in regulation of NBFCs vis-à-vis banks. These regulations are
expected to strengthen the NBFC sector in the times to come.
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EXCLUSIVE
IIFL FINANCE APPOINTS MOHIT KAPOOR AS LEGAL HEAD
Industry veteran Mohit Kapoor has over 29 years of varied experience across Asia
Pacific. His earlier stints include Aon Hewitt, Citigroup, IMG, Nagashima Ohno &
Tsunematsu, Max Life Insurance and Religare Finvest among others.
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IIFL Finance today said that it has appointed Mohit Kapoor as legal head. In
this role Mr Kapoor will oversee all legal matters for IIFL Finance. During his
stint at the company, Kapoor will report to Nirmal Jain, Founder and Managing
Director, IIFL Finance and will work to sustain the high corporate governance
benchmarks of IIFL Finance.
Kapoor is an experienced general counsel with over 29 years of varied experience
across Asia Pacific. His earlier stints include Aon Hewitt, Citigroup, IMG,
Nagashima Ohno & Tsunematsu, Max Life Insurance and Religare Finvest among
others. He joins IIFL Finance from RBL Bank, where he was the Head-Legal. Kapoor
graduated in Law from Campus Law Centre, Delhi University and is a qualified
Solicitor of the Supreme Court of England & Wales, U.K.
In his previous stints Kapoor has managed legal, compliance and corporate
secretarial functions. He has also managed attorneys across 16 countries in Asia
Pacific and Middle East.
Mohit’s addition will help IIFL Finance strengthen its legal function and
protect business interests in line with the company’s impeccable track record,
said R Venkataraman, Co-Promoter, IIFL Group.
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EXCLUSIVE
WE ARE ON TRACK TO HAVE TWO LISTED ENTITIES IN Q3 OF THIS YEAR: AJAY PIRAMAL
"We are moving towards making a much more granular book in the financial
services business. Today we have about 43-44% of our book as retail and the
balance is wholesale. Earlier before DHFL, it was like 90:10. In the next few
years, we want to make it two-thirds retail and one-third wholesale."
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“I do not think the margins for us are under pressure. Margins are more under
pressure when you have generic businesses. We have got a contract development
and manufacturing business where margins are not pressured in that sense. Even a
hospital generics business is a business which is not just plain vanilla
generics. These are complex generics and so there is not as much pressure here,”
says Ajay Piramal, Chairman, Piramal Enterprises.
You have moved one more step closer towards pharma and financial services biz
demerger. What has happened so far and why does this excite you?
We had announced last year that we would demerge our businesses and make
financial services and pharma businesses into two listed entities. We had said
that we would complete this in the last quarter or in the third quarter of the
current financial year and I am happy to say that we are on track for that.
As far as the process is concerned, we have got the NCLT approval for the
demerger to take place. Now there are certain administrative things that need to
be done. We will have to fix a record date and then we will wait for approvals
from the stock exchanges. We will be on track to two listed entities in the
third quarter of this year.
You have taken an important step on the financial side. You have completed the
DHFL integration with the company. How does it help granularisation of your
book? You have taken a lot of hit on the net worth as well. Do you expect any
recoveries to come in from there?
As far as we are concerned, first of all, the DHFL merger has gone off
successfully. We merged all the entities. We had about 300 branches for DHFL and
3,000 people. I am happy to say that they have been merged. We have now in fact
added the number of branches as well as number of people. When we got DHFL, we
had 3,000 people and today our total strength of employees is 8,500.
As far as our net worth is concerned, actually we are in a pretty strong
position. Even after this demerger, our debt equity is 2.5:1 and that gives us
enough of a headway to grow. As far as granularity is concerned, we have
increased our book as far as our retail book is concerned significantly. Now our
retail book is almost six times of what it was earlier and our growth is there.
We are moving towards making a much more granular book in the financial services
business. Today we have about 43-44% of our book as retail and the balance is
wholesale. Earlier before DHFL, it was like 90:10. In the next few years, we
want to make it two-thirds retail and one-third wholesale.
Once the two businesses are demerged, especially on the finance side, who will
be heading the business? Who will look at the entire book?
We are looking at the entire book now and I am also involved in it, Anand my son
is also involved in it and we have strengthened our management. We have brought
in Yesh Nadkarni to look at what we call Wholesale 2.0. We have also added a
group president in Rupen Jhaveri. I think there is enough manpower to manage the
whole book.
Recently you announced a tieup with Paytm for loans. How do you see this entire
thing moving towards the retail side? Do you believe a lot more tie ups will be
done and digital lending will increase from here? How is Piramal investing into
that?
We believe that digital lending will increase and a lot of the fintechs and all
will need a solid NBFC to back them with all the regulations that the RBI is
coming up with. I can see that direction going on. It will be NBFCs like us,
which have the capital, will be required to do. We believe that is a growth
engine even before these changes with the RBI. We have been investing in
creating a whole infrastructure of technology so that we can take advantage of
this and you will see more growth in this.
Do you think a transition into a bank for lower cost deposits is something which
Piramal would consider?
As of today we do not have a deposit taking licence. We are just strengthening
our systems and our processes because even the RBI is putting in new regulations
as far as NBFCs are concerned. We will examine the pros and the cons of a
banking licence at the appropriate time. Today is not the time.
Let us talk about the pharma business now. In Q1, the pharma business margins
collapsed. Firstly, there is a lot of pricing pressure in both B2B and B2C.
Second, it is getting very difficult to retain talent, there is a lot of churn
in the business across this pharma industry. How do you see this both impacting
your business and when do you expect this to recover?
Historically, the fourth quarter of the year is always a very high quarter in
terms of the wholesales and therefore margins since it is optimising on fixed
costs and the margins in the fourth quarter are always higher and in the first
quarter, that comes down. So there is some effect of seasonality in this
business. So for us, the first quarter is always lower.
You have raised a few questions; one is about the margins. I do not think the
margins for us are under pressure. Margins are more under pressure when you have
generic businesses. We have got a contract development and manufacturing
business where margins are not pressured in that sense. Even a hospital generics
business is a business which is not just plain vanilla generics. These are
complex generics and so there is not as much pressure here.
The third part of our business is the OTC where we are reinvesting all our
margins into growing the brands because that is a long term investment and that
is why we have a 40% plus growth rate in sales. We are investing in building
brands and power brands which in India last for a long time.
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EXCLUSIVE
INDEL MONEY FORAYS INTO PERSONAL LOAN SEGMENT
Initially, the facility will be available to its existing gold loan customers,
the company said. It will later be expanded to a broader segment. The NBFC is
using a digital platform for launching the personal loan facility. It had
recently launched an online gold loan facility in some markets.
* Sutanuka Ghosal
* ET Bureau
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Indel Money, a non-banking finance company specialising in gold loans, has
entered the personal loan segment.
Initially, the facility will be available to its existing gold loan customers,
the company said. It will later be expanded to a broader segment.
The NBFC is using a digital platform for launching the personal loan facility.
It had recently launched an online gold loan facility in some markets.
Any existing KYC-fulfilled Indel Money gold loan customer with a decent gold
loan repayment track can apply for Indel Money’s digital personal loan. The loan
amount will be sanctioned based on the average transaction value of the customer
for the previous 12 months. The rate of interest is in the range of 10-20%,
based on the customer’s credit score and the repayment tenure is 3-6 months.
Indel Money offers the personal loan facility at more than 225 branches in
Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.
Chief executive Umesh Mohanan told ET: “With the launch of our digital personal
loan, our near-term goal is to tap the underserved demand for immediate cash
among our existing customers.”
The Kerala-based lender aims to take its branch tally to more than 500 in 11
states by 2023. It is also targeting to more than double its gold loan book to
over Rs 1,400 crore this fiscal year.
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EXCLUSIVE
INDOSTAR CAPITAL FINANCE BACK IN BLACK WITH NET PROFIT AT RS 61 CRORE IN
APRIL-JUNE
IndoStar Capital Finance on Monday reported its consolidated net profit at Rs
60.9 crore in the April-June quarter of this fiscal year on lower provisions in
commercial vehicle loans. The non-banking finance company had posted a net loss
of Rs 36.
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IndoStar Capital Finance on Monday reported its consolidated net profit at Rs
60.9 crore in the April-June quarter of this fiscal year on lower provisions in
commercial vehicle loans. The non-banking finance company had posted a net loss
of Rs 36.8 crore in the same quarter a year ago.
Company's net revenues during April-June quarter of FY23 were up by 32 per cent
at Rs 167 crore as against Rs 126.6 crore in same period of FY22, IndoStar
Capital said in a release.
The net profit is driven by lower credit cost provisions in the commercial
vehicle loan segment from Q4 FY22, it said, adding that collections in Q1FY23 of
Rs 1,312 crore resulted in gross collection efficiency of 181 per cent.
"The company had identified a stress pool in its CV (Commercial Vehicle)
portfolio. The credit cost provisions for this stress pool were made in Q4 FY22.
"During the quarter the company made concentrated efforts to reduce the stress
book, by driving customer settlements and sale of nearly 50 per cent of the
stress book to an ARC," it said.
IndoStar said the stress book is about 5 per cent of AUM of Rs 8,247 crore as of
30 June 2022.
"We have strengthened controls, reviewed policies and upgraded technology
systems across the spectrum of loan origination, credit appraisal, disbursal,
loan management and collection processes."
Further, the company said it has raised incremental funding of Rs 1,850 crore
since the beginning of this fiscal year and its liquidity position continues to
be in a comfortable position.
Company's gross non-performing assets stood at 8.2 per cent and net NPAs at 3.6
per cent by the end of June quarter.
"The company continues to make focused efforts to further reduce the stress
book. As part of its retailisation strategy, the corporate loan book has now
been reduced to 15 per cent of AUM, with retail loans at 85 per cent, up from 78
per cent in FY2021," IndoStar said.
IndoStar Capital incurred losses of Rs 736 crore in fiscal year ended March 2022
and of Rs 214 crore in FY21 due to loan defaults in the aftermath of Covid-19
pandemic. It also exceeded the threshold specified for gross and net NPAs for
certain borrowing arrangements.
These factors, among others, resulted in company's total liabilities exceeding
total assets by Rs 2,206 crore at end of March 2022.
Besides, company's loan outstandings amounting to Rs 594 crore given to two
borrowers exceeded the prescribed limit for a single borrower and group
borrower.
IndoStar stated that these loans were sanctioned in the preceding financial
years and there was no breach of SBL/GBL at the time of sanction/disbursement.
Auditor Deloitte Haskins & Sells LLP in its review report on standalone
financial results of the company said because of the control deficiencies in CV
and SME loans portfolio identified during FY22, it appointed an external agency
to review existence of borrowers for these loan segments; assessing quality and
risk to these loans as well as review of loan files for period between January
2022 and March 2022, among others.
Deloitte Haskins & Sells LLP said it also appointed an external law firm to
review the transactions pertaining to the CV and SME loan portfolio for
identifying the root cause of control deficiencies, evaluating business
rationale for transactions executed through deficient control and examining
documentation and interacting with identified employees/ex-employees to
understand such transactions.
The auditor said the external law firm has not submitted its findings relating
to the conduct review.
It also said that "a material uncertainty exists that may cast significant doubt
on the company's ability to continue as a going concern."
IndoStar Capital said its fully-owned housing finance subsidiary IndoStar Home
Finance continued to register strong performance with disbursement for Q1FY23 at
Rs 115 crore. The AUM stood at Rs 1,467 crore, up by 45 per cent from year ago.
The gross NPA for housing finance business stood at 1.9 per cent, one of the
lowest in the industry, it added. PTI KPM HVA
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EXCLUSIVE
CCI APPROVES ACQUISITION OF STAKE IN IIFL HOME INDIRECTLY BY ADIA GROUP
IIFL Home is a housing finance company and is a wholly-owned subsidiary of IIFL
Finance Limited. Deals beyond a certain threshold require approval from the
regulator, which keeps a tab on unfair business practices in the market place
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New Delhi, The Competition Commission of India (CCI) has approved the
acquisition of stake in IIFL Home indirectly by Abu Dhabi Investment Authority
(ADIA). The proposed transaction relates to the acquisition of up to 20 per cent
stake in IIFL Home Finance by Platinum Owl C 2018 RSC Ltd, a trustee acting for
Platinum Jasmine Trust.
ADIA is the sole beneficiary and settlor of the Platinum Jasmine Trust.
In a tweet on Friday, the CCI said it has approved the "acquisition of stake in
IIFL Home indirectly by ADIA Group".
In June, IIFL Home Finance, a subsidiary of IIFL finance Ltd, had entered into
definitive agreements for raising Rs 2,200 crore of primary capital for a 20 per
cent stake from a wholly-owned subsidiary of ADIA.
IIFL Home is a housing finance company and is a wholly-owned subsidiary of IIFL
Finance Limited.
Deals beyond a certain threshold require approval from the regulator, which
keeps a tab on unfair business practices in the market place.
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EXCLUSIVE
UK'S VARDE MAY GET TROUBLED SREI COS FOR ₹14,000CR
According to the sources, the second-highest bid was also in excess of Rs 10,000
crore. Meanwhile, another bidder Arena Capital sought time for the bank
guarantee, and was granted till August 19. The bids will be opened on that day,
the sources added. They said that the three resolution applicants that filed
bids are VFSI Holdings Pte, Arena Investors and Shon Randhawa.
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Kolkata: Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL),
which are going through insolvency proceedings, are believed to have got "very
good" financial bids. Sources said that London-based Varde Capital has put in a
bid of over Rs 14,000 crore. This, along with Rs 2,500 crore in the group's
balance sheet, would fetch a recovery of almost 50% for the creditors. This is
higher than the average Insolvency and Bankruptcy Code (IBC) recovery.
According to the sources, the second-highest bid was also in excess of Rs 10,000
crore. Meanwhile, another bidder Arena Capital sought time for the bank
guarantee, and was granted till August 19. The bids will be opened on that day,
the sources added. They said that the three resolution applicants that filed
bids are VFSI Holdings Pte, Arena Investors and Shon Randhawa.
VFSI Holdings is an associate of London-based Varde Partners, which is an
alternative investment fund. Arena is also a leading PE firm, while Randhawa has
partnered with Rajesh Viren Shah for the bid. Shah is the owner of Mukund, a
well-known steel player and son of Viren J Shah, former governor of West Bengal.
The Srei administrator, Rajnish Sharma, could not be contacted for a comment on
the bids till the time of going to press. The last date of submission of bids
was August 10 following four extensions as bidders kept seeking more time to
understand the financial criticality of the Srei firms.
The RBI-appointed administrator had admitted claims of around Rs 31,868 crore of
the total Rs 34,223 crore approximately from financial creditors of SEFL. The
administrator also admitted claims to the tune of Rs 257 crore from financial
creditors of SIFL. Out of these, claims worth Rs 22,910 crore were from the
commercial lenders of SIFL and its wholly owned subsidiary SEFL, against the
combined amount of Rs 25,115 crore claimed by them.
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