Banks petition RBI to relax bad loan norms for IL&FS

Several lenders — through the Indian Banks’ Association — have written to RBI, seeking relaxation in bad loan classification norms on their exposure to IL&FS. The beleaguered group, which has bank loans worth Rs 60,000 cr, has defaulted in nearly Rs 35,000 cr of that after a court-ordered moratorium on cash outflows to creditors prevented it from making repayments.

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