**Summary:**
This policy announcement, RBI/2018-19/181 DBR.BP.BC.No.38/21.04.048/2018-19, issued May 8, 2019, by the Reserve Bank of India (RBI) to all Scheduled Commercial Banks and All India Financial Institutions (EXIM Bank, NABARD, NHB, and SIDBI), concerns disclosure requirements related to exposure to Infrastructure Leasing & Financial Services Limited (IL&FS) and its group entities. The circular withdraws instructions previously issued on April 24, 2019 (DBR.BP.BC.No.37/21.04.048/2018-19) regarding this disclosure, in light of the National Company Law Appellate Tribunal’s (NCLAT) order dated May 2, 2019, concerning Company Appeal AT No. 346 of 2018 and I.A. No. 1139 of 2019. Saurav Sinha, Chief General Manager-in-Charge, is the contact person for this policy.
Key Entities Referenced
Reserve Bank of India: The central bank of India, referred to as RBI in the document identifier.
All Scheduled Commercial Banks: Refers to all banks in India that are listed in the Second Schedule of the Reserve Bank of India Act, 1934.
All India Financial Institutions: Refers to financial institutions in India that operate on an all-India level.
EXIM Bank: Export-Import Bank of India, a financial institution.
NABARD: National Bank for Agriculture and Rural Development, a development finance institution in India.
NHB: National Housing Bank, a financial institution in India.
SIDBI: Small Industries Development Bank of India, a development financial institution in India.
Infrastructure Leasing & Financial Services Limited: An Indian infrastructure development and finance company, referred to as IL&FS in the document.
National Company Law Appellate Tribunal: An appellate tribunal in India that hears appeals from orders of the National Company Law Tribunal (NCLT).
RBI/2018-19/181
DBR.BP.BC.No.38/21.04.048/2018-19 May 8, 2019
All Scheduled Commercial Banks
All India Financial Institutions (EXIM Bank, NABARD, NHB and SIDBI)
Dear Sir/ Madam,
Disclosure on Exposure to Infrastructure Leasing & Financial Services Limited
(ILFS) and its group entities
Please refer to the circular DBR.BP.BC.No.37/21.04.048/2018-19 dated April 24,
2019 on the captioned subject. In view of the National Company Law Appellate
Tribunal’s (NCLAT) order dated May 2, 2019 in respect of Company Appeal (AT) No.
346 of 2018 and I.A. No. 1139 of 2019, the instructions contained in the above
mentioned circular stand withdrawn.
Yours faithfully,
(Saurav Sinha)
Chief General Manager in-Charge