TIL Desk/Business/New York/ In wake of the IL&FS crisis, efforts are underway by the Indian government, RBI as well as SBI to try and stabilise the system “very quickly’, and things are likely to return to normal in a couple of weeks, SBI Chairman Rajnish Kumar said in New York today.
Kumar said that the Infrastructure Leasing and Financial Services (IL&FS) was a “unique institution’ operating in the infrastructure financing and construction space. It is an engineering, procurement and construction (EPC) contractor, holding assets as well as its finances – it was a 3-in-1, Kumar said, adding that whether it is banks or non-banking financial companies (NBFCs), if they are in infrastructure financing, they have faced trouble in India.
“Infrastructure, particularly the BOT (build'”operate'”transfer) model, has caused a lot of problem even to the banks. We ourselves have suffered in the financing of infrastructure,’ Kumar said during an interactive session at the 9th ‘New India Lecture’ organised at the Indian Consulate under the aegis of Consul General Sandeep Chakravorty.
