Opinion | India misses wake-up call from IL&FS default
That two months after the IL&FS debacle India's financial industry should still be so unresponsive to risk-reward and fiduciary duties makes one wonder if these wild-swinging acrobats even deserve a safety net
India’s finance industry is letting a good crisis go to waste by not learning from it. The sudden $12.8 billion bankruptcy of infrastructure lender IL&FS Group, currently sequestered under a government-blessed, out-of-court process, underscores India’s lack of preparedness to handle a big shift in lending in recent years — away from banks. Before I illustrate that challenge with a little story about a banking tycoon’s fundraising, a little background:
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