It’s One Step Forward, One Back For Troubled Indian Shadow Banks

India’s shadow banks, which lend to everyone from teashop merchants to property tycoons, get a mixed bill of health in Bloomberg’s latest check, Bloomberg News reported. The sector has been stung by a crisis set off by the shock collapse of non-bank lender IL&FS group in 2018. There’ve been even more setbacks in recent weeks: Altico Capital India Ltd., a real estate-focused lender, has seen some potential rescuers demur. Revitalization of the industry, whose woes mounted last year when major mortgage lender Dewan Housing Finance Corp. missed repayments, is key to helping staunch a further slowdown in the nation’s economy. The good news first: total outstanding debt at 50 financial firms and other companies impacted by the crisis fell last month from November, one of four indicators compiled by Bloomberg show. Read more